ESMA continues to focus on convergence in enforcement of IFRS across the EU

ESMA Guidelines and Recommendations

On 3rd April 2018, the European Securities and Markets Authority (ESMA) published its 2017 annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU).

In 2017 ESMA and European Enforcers continued to engage in regular supervisory convergence activities on IFRS. Moreover, considering the new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, in October 2017 ESMA published the results of a separate fact-finding exercise on the transitional disclosures regarding these standards. In addition, ESMA conducted a Peer Review on the application of its Guidelines of Enforcement of Financial Information by the National Competent Authorities (NCAs).