• Register
Return to: Home > News > Standards > ESMA to revise accounting enforcement standards

ESMA to revise accounting enforcement standards

The European Securities and Markets Authority (ESMA) has launched a consultation to revise the standards on the enforcement of financial information disclosed by listed companies operating in the European Union (EU).

In its consultation paper ESMA is proposing a set of guidelines aimed at coordinating the oversight activity of the several EU enforcement authorities.

The guidelines launched for consultation apply to the enforcement activities of the financial information provided by issuers whose securities are admitted to trading on a regulated market.

According to ESMA the guidelines would apply to the information of issuers already listed on a regulated market; issuers who are applying for admission on a regulated market and issuers from third countries who use reporting frameworks declared equivalent to IFRS.

The guidelines also establish the types of enforcement actions that may be available to enforcers and how enforcement activities should be coordinated within ESMA.

ESMA is proposing that the coordination of European enforcers should involve:

  • The development of coordinated views on accounting matters prior to national enforcement actions;
  • The identification of common enforcement priorities;
  • And common responses to the accounting standard setter to ensure consistent application of the financial reporting framework.

"These proposed Guidelines, if applied consistently across the EU, will promote uniform application of the financial reporting standards, help avoid regulatory arbitrage by issuers and promote investor confidence in financial markets," ESMA chair Steven Maijoor said

The deadline to comment on ESMA's consultation is 15 October.


Related links

The European Securities and Markets Authority

ESMA Guidelines on the enforcement of financial information

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.