ESMA releases Public Statement on European Common Enforcement Priorities for 2020 annual financial reports
29 October 2020
The European Securities and Market Authority (ESMA) has released its annual public statement on enforcement priorities for 2020 annual financial reports. ESMA, together with national enforcers, will pay particular attention to these areas in particular when monitoring and assessing the application of requirements, including IFRS.
Common enforcement priorities relating to IFRS include:
- IAS 1 Presentation of Financial Statements;
- IAS 36 Impairment of Assets;
- IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures; and
- IFRS 16 Leases.
Common enforcement priorities related to non-financial statements include:
- Impact of the COVID-19 pandemic on non-financial matters;
- Social and employee matters;
- Business model and value creation; and
- Risk relating to climate change.
The public statement may be accessed here.