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

    BCBS Amends Capital Treatment of Non-Performing Loan Securitizations

    BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.

    November 26, 2020 WebPage Regulatory News
    News

    BoE to Move Statistical Data Collection to BEEDs Portal

    BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.

    November 25, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Standards and Guidance for EFS Data Collection

    APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.

    November 24, 2020 WebPage Regulatory News
    News

    EC Consults on Criteria for Environmentally Sustainable Activities

    EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.

    November 20, 2020 WebPage Regulatory News
    News

    IFRS Examines Incorporation of Climate Risk Issues into IFRS Standards

    The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.

    November 20, 2020 WebPage Regulatory News
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6162