The European Securities Markets Authority (ESMA) has today published its report “Enforcement and Regulatory Activities of Accounting Enforcers in 2016” which sets out the enforcement and regulatory activities of accounting enforcers within the European Union (EU) in 2016.
This report provides an overview of the activities conducted at European and national levels with respect to examining compliance of financial information of listed issuers on regulated markets with the applicable reporting framework. It also outlines other activities conducted with the objective of contributing to supervisory convergence in the area of financial reporting, and, in particular, with respect to IFRS in the European Economic Area (EEA) during 2016.
The report is based on the activities of ESMA and European accounting enforcers. The report provides a description of the main supervisory convergence activities that were co-ordinated at European level during 2016, information on enforcement activities and ESMA’s contribution to the financial reporting standard setting process.
IAASA is an active participant in the ESMA-sponsored European Enforcers’ Co-ordination Sessions (EECS). The objective of EECS is to co-ordinate European enforcement activities in order to increase convergence amongst European national accounting enforcers and contribute to fostering investor confidence. Further details of IAASA’s participation at EECS will be included in IAASA’s forthcoming 2016 Annual Report.
The ESMA 2016 Report can be accessed here.