Tuesday, 29th October, 2013: The European Securities and Markets Authority (ESMA) has published the 14th extract from its database of enforcement decisions taken by EU national supervisors of financial reporting that participate in the European Enforcer Coordination Sessions (EECS). EU national supervisors monitor and review the financial statements of issuers and consider whether they comply with International Financial Reporting Standards (IFRS) and other applicable reporting requirements, including relevant national law. This extract can be accessed here.
The EECS is a forum in which all EU/EEA national supervisors of financial information meet to share the reasons underpinning their accounting enforcement decisions, canvas members’ views on issues currently being dealt with and to identify issues which do not appear to be covered by financial reporting standards or which may be affected by conflicting interpretations for referral to standard setting or interpretive bodies such as the International Accounting Standards Board (IASB) or the International Financial Reporting Standards Interpretations Committee (IFRS IC).
ESMA has developed a confidential database of enforcement decisions taken by individual EU national supervisors as a source of information to foster appropriate application of IFRS. All decisions submitted to the database are considered as appropriate for publication, unless:
similar decisions have already been published by ESMA, and publication of a new decision would not add any substantial value to the fostering of consistent application;
the decision deals with a simple accounting issue that, even having been considered a material infringement, does not in itself have any accounting merit;
there is no consensus within the EECS to support the submitted decision;
a particular EU National enforcer, on a grounded and justified basis, believes that the decision should not be published.
Extracts do not usually include the name of the issuer or the enforcer or any other details that would enable the issuer or its jurisdiction to be identified.
IAASA is a member of the EECS and the Authority’s Head of Financial Reporting Supervision is also a member of the EECS’ Agenda Group.