ESMA through its predecessor organisation CESR 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- a particular EU National enforcer, on a grounded and justified basis, believes that the decision should not be published.
In response to concerns about confidentiality and privacy laws, which vary between EU jurisdictions, 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.