• Service: Audit, IFRS
  • Date: 11/14/2013

Focus areas for regulators – the need for consistency and clarity 

A statement (PDF 152KB) issued this week by the European Securities and Markets Authority highlights the areas of focus for European national regulators when reviewing IFRS financial statements for the year ending 31 December 2013.

ESMA’s statement builds on its 2012 messages, specifically pointing out areas for improvement and emphasising a need for companies to focus on what is relevant to their financial statements. The statement stresses the need for transparency and the appropriate and consistent application of accounting principles, while providing detailed, relevant disclosures on the items that matter to the company and its investors.

Although the topics included in the statement are those deemed to be most relevant at a European level, regulatory bodies outside of Europe are also likely to take notice, and to pay particular attention to the same areas of focus.

ESMA is also about to publish a study on their assessment of IFRS financial statements of European financial institutions – watch this space for further details.

Focus areas for regulators: Reinforcing the need for consistency and clarity (2013/17)

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ESMA has announced its priority areas for European national regulators reviewing IFRS financial statements for the year ending 31 December 2013.

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