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October 31, 2017

ESMA published an extract from its confidential database of enforcement decisions on financial statements. The extract includes a selection of 12 decisions taken by national enforcers from June 2015 to February 2017. Through this extract, ESMA aims to provide issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).

European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law. Publication of enforcement decisions informs market participants about which accounting treatments European national enforcers may consider as complying with IFRS—that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, along with the rationale behind these decisions, will contribute to a consistent application of IFRS in the European economic area. ESMA will continue to regularly publish further extracts from the database, with the next extract expected to be published in the first half of 2018.

 

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Keywords: Europe, EU, Securities, Accounting, Reporting, IFRS, Enforcement Decisions, ESMA

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