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

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004