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ESMA publishes common enforcement priorities for 2013 financial statements

11/11/2013

Monday, 11th November, 2013: The European Securities and Markets Authority (‘ESMA’) has published a statement, the purpose of which is to define the common enforcement priorities for 2013 financial statements in order to promote consistent application of International Financial Reporting Standards (‘IFRS’).  ESMA’s statement can be accessed here.

Common enforcement priorities for 2013 financial statements refer to the application of IFRS in relation to:

▪ Impairment of non-financial assets;

▪ Measurement and disclosure of post-employment benefit obligations;

▪ Fair value measurement and disclosure;

▪ Disclosures related to significant accounting policies, judgments and estimates; and

▪ Measurement of financial instruments and disclosure of related risks.

ESMA’s common enforcement priorities for 2013 financial statements are consistent with the key topics set out in IAASA’s annual Observations document published in October 2013.

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