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October 26, 2010

Financial instruments disclosures improves in EU: CESR

The Committee of European Securities Regulators (CESR) has seen an improvement in IFRS financial instruments disclosures by European financial institutions since 2009, it has been revealed.

The statement follows a previous report, Application of Disclosure Requirements related to Financial Instruments in the 2008 Financial Statements of Financial Institutions, which reveals several areas with apparent deficiencies in the disclosure of financial instruments in the IFRS 2008 financial statements.

Particular areas of concern are the fair value hierarchy, impairment of financial assets and liquidity risk disclosures, consequently closely monitored in the process of the preparation of the 2009 IFRS financial statements.

On the back of these findings CESR found European regulators had strengthened their enforcing and monitoring efforts in 2009 and have since taken further steps in increasing the issuers awareness of the importance of such disclosure.


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