Featured Product

    ESMA Publishes Report on Regulatory Activities of Accounting Enforcers

    March 27, 2019

    ESMA published its annual report on the enforcement and regulatory activities of accounting enforcers in EU. This report provides an overview of the activities related to the supervision and enforcement of financial and non-financial information carried out during 2018 at the European and national levels in EU and European Economic Area. It also addresses contribution of ESMA to the development of the single rulebook in corporate reporting, such as the process of the European system of endorsement of IFRS and the interaction with the IASB, along with other relevant activities in the corporate reporting area. In the coming years, the focus of enforcers will be on IFRS standards, including IFRS 9, IFRS 16, and IFRS 17.

    In 2018, the efforts of ESMA to deepen convergence in the enforcement of financial information particularly focused on the harmonization of the application and enforcement of new IFRS standards IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, as announced in the 2017 ESMA common enforcement priorities. European enforcers expanded, for the first time, their supervisory activities to non-financial information on environmental, social, and governance (ESG) matters, published by issuers in accordance with new requirements that came into force at the European level. 

    In 2019, ESMA and European enforcers will continue to focus on consistency in the application and enforcement of the new standards that came into force in 2018 (IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments) and on the disclosure of the expected impact of implementation of IFRS 16 Leases. ESMA will also continue to actively contribute to the development of high-quality accounting standards by providing input to consultations conducted by IASB and EFRAG. Additionally, ESMA will closely monitor and contribute to the endorsement process of the IFRS 17 Insurance Contracts. When it comes to non-financial information, one of the focus areas for enforcers will be strengthening the harmonization and enforcement of the disclosures of non-financial information, notably those related to environmental and climate change-related matters.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Accounting, IFRS Supervisory Convergence, Enforcement Activities, IFRS 9, IFRS 15, IFRS 16, IFRS 17, ESMA

    Featured Experts
    Related Articles
    News

    BIS and BoE Launch Innovation Hub in London

    BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.

    June 11, 2021 WebPage Regulatory News
    News

    ESRB Recommends Reciprocation of Certain Macroprudential Measures

    ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.

    June 11, 2021 WebPage Regulatory News
    News

    EC Publishes Regulation on Key Aspects of Implementation of SA-CCR

    EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.

    June 10, 2021 WebPage Regulatory News
    News

    BCBS Consults on Prudential Treatment of Cryptoasset Exposures

    BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.

    June 10, 2021 WebPage Regulatory News
    News

    EBA Revises List of Validation Rules for Reporting

    EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.

    June 10, 2021 WebPage Regulatory News
    News

    Banking Authorities and Private Sector Collaborate on Wholesale CBDC

    BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.

    June 10, 2021 WebPage Regulatory News
    News

    ESAs Publish Amended Implementing Standards on Mapping of ECAIs

    ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).

    June 10, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Major Incident Reporting Under PSD2

    EBA published revised guidelines on major incident reporting under the Payment Service Directive (PSD2).

    June 10, 2021 WebPage Regulatory News
    News

    BCBS Updates Supporting Information for G-SIB Assessment in June 2021

    BCBS updated the year-end and annual average exchange rates in context of the global systemically important bank (G-SIB) assessment exercise.

    June 10, 2021 WebPage Regulatory News
    News

    HKMA Revises Implementation Timeline for Basel Standards

    HKMA issued a circular informing the industry about its intention to revise the target effective dates for the revised frameworks on credit risk, operational risk, output floor, leverage ratio, market risk, and credit valuation adjustment risk.

    June 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7083