The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its response to the International Accounting Standards Board (IASB) Post Implementation Review of IFRS 10, IFRS 11 and IFRS 12, including a report providing an overview of the implementation of the three standards by European issuers. The report draws on the experience of European enforcers since 2014 and is based on a review of a sample of 65 issuers relating to the financial years 2017, 2018 and 2019.
The Report considers how the requirements have been implemented and where IFRS 10, IFRS 11 and IFRS 12 should, in ESMA’s view, be clarified to address divergence in practice or lack of comparability. The Report also provides recommendations on how issuers could improve the application of the standards and the transparency of their disclosures.
ESMA expects issuers, their auditors and audit committees to consider the findings of this Report when preparing and auditing financial statements.
ESMA will share its findings with the IASB as a contribution to the ongoing Post Implementation Review.
✆ +33 (0)1 58 36 52 06