Fourteenth Enforcement Decisions Report of ESMA is Released
Extracts from the confidential database of enforcement decisions taken by the European national enforcers is has been published by the European Securities and Markets Authority. These extracts deal with the decisions relating to IAS 7,IAS 8, IAS 12, IAS 27, IAS38, IAS 39, IRFS 3, IFRS 7, and IFRS 8.
The European national enforcers monitor and review the financial statements and consider whether these financial statements comply with the IFRS, relevant laws and regulations, and other applicable reporting requirements. They monitor and review the financial statements of issuers with securities traded on the regulated European markets and those who prepare financial statements in accordance with the International Financial Reporting Standards (IFRSs).
To advance the appropriate implementation of IFRSs, ESMA has developed a database of enforcement decisions of individual European enforcers. The database is kept confidential and the purpose of the database is to provide a source of information to promote appropriate application of IFRSs.
The publication of these enforcement decisions is to inform the preparers of financial statements which accounting treatments were deemed to be in compliance with the IFRSs. According to ESMA, the purpose of this publication is to improve the consistent application of IFRSs all over the European Union.
Following are the examples of the topics that were covered by the current publication:
- IAS 39: Classification of financial assets as loans and receivables, derecognition of the financial assets and liabilities, hedhge accounting of embedded floor in loan portfolio
- IFRS 7: Nature and extent of risks arising from financial instruments
- IAS 7: Cash flow classification of amounts paid to vary the notional amount of a commodity contract
- IAS 1: Presentation of cost of investment in cost of goods sold
- IAS 27: Scope of consolidation
- IFRS 3: Identification of intangible assets in a business combination
- IAS 32: Contingent payment to acquire a non-controlling interest
- IAS 12: Deferred tax assets arising from tax losses carried forward
- IFRS 8: Segment disclosures
- IAS 8: Disclosure of new standards that have been issued but not yet effective
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IASB consults Regarding Accounting Changes Concerning Interest Rate Benchmarks
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting