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.