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ESMA Statement on the implications of Russia’s invasion of Ukraine

16/05/2022

The European Securities and Markets Authority (ESMA) has issued a Public Statement on the implications of Russia’s invasion of Ukraine on half-yearly financial reports.

 

The Public Statement, with the aim of promoting investor protection, provides important messages to preparers of financial reports including:

 

  1. the main IFRS requirements which may be applicable in the context of Russia’s invasion of Ukraine (e.g., impairment of non-financial and financial assets, and loss of control)

 

  1. ESMA’s expectations regarding disclosures in financial statements (e.g., judgements made, significant uncertainties, and the impact on going concern);

 

  1. ESMA’s expectations regarding disclosures in interim management reports (e.g., direct and indirect impact of Russia’s invasion of Ukraine and sanctions on entities’ strategies, operations, financial performance, financial position and cash-flows, measures taken to mitigate the impacts, and cybersecurity risks; and

 

  1. a reminder of entities' obligations regarding the Market Abuse Regulation.

 

ESMA’s Public Statement is available here.

 

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