On 3 April, ESMA published its ‘Enforcement and Regulatory Activities of Accounting Enforcers in 2017’ report.
ESMA – Enforcement and Regulatory Activities of Accounting Enforcers in 2017.pdf
The report provides an overview of ESMAs and European enforcers’ activities when examining compliance of financial information under IFRS provided by issuers in 2017.
It also gives an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe as well as ESMA’s contribution to the development of the single rulebook in the area of corporate reporting. The report states that:
- In 2017 national enforcers reviewed the financial statements of about 1,100 issuers (approximately 19% of issuers of securities listed on EU regulated markets), which led to action against 328 (32%) of the issuers examined.
- In 2018 accounting enforcers will focus on the disclosure of the expected impact of the implementation of the new standards IFRS 9 and IFRS 15 in the period of their initial application.
- Following the 2018 work programme ESMA will also closely monitor and contribute to the endorsement process of IFRS 17.