ESMA reminders 2017

The resources listed below - organised chronologically - are the key messages from the European Securities and Markets Authority (ESMA) for the 2017 reporting season. 

In addition to the FRC reminders, the ESMA has also put out its own reminders to reporters as to how to improve the quality of disclosures in financial statements and has also provided an indication of those areas that it (and national enforcers - the FRC in the UK) will be focusing on when reviewing listed companies' 2017 financial statements.  UK companies should consider these enforcement priorities carefully in preparing their 2017 financial statements. 

UK companies with securities traded on regulated markets should follow the ESMA Guidelines on Alternative Performance Measures.  The FRC has indicated that it will be considering the ESMA Guidelines when reviewing company reports and accounts in assessing whether they are fair, balanced and comprehensive.  Frequently asked questions and an updated Q&A document on the Guidelines have been published by the FRC and ESMA respectively to assist directors.  Our Need to know publication also provides useful guidance.   

Related resources

Accounting roundup — Closing Out 2022

10 Jan, 2023

Closing Out 2022 discusses the principal corporate reporting issues arising in respect of 31 December 2022 annual reports, covering areas of regulatory focus identified in the Financial Reporting Council’s (FRC's) Annual Review of Corporate Reporting 2021/2022 and issues arising from the current uncertain economic environment.

Accounting roundup — Closing Out 2021

16 Dec, 2021

Closing Out 2021 discusses the principal corporate reporting issues arising in respect of 31 December 2021 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2020/2021, issues arising from climate change including new and forthcoming climate-related disclosures and developments in reporting standards.

Accounting Roundup - Closing Out 2019

10 Dec, 2019

Closing Out 2019 discusses the significant corporate reporting issues relevant to 31 December 2019 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2018/2019 and the ESMA’s common enforcement priorities for issuers in the European Union, together with other developments in reporting standards and areas of investor interest.

ESMA announces enforcement priorities for 2019 financial statements

22 Oct, 2019

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2019 financial statements will focus on.

Accounting Roundup - Closing Out 2018

13 Dec, 2018

Closing out 2018 discusses the significant corporate reporting issues relevant to 31 December 2018 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2017/2018, the ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

ESMA announces enforcement priorities for 2018 financial statements

27 Oct, 2018

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2018 financial statements will focus on.

ESMA issues statement on income tax consequences of the US tax reform under IFRS

29 Jan, 2018

The European Securities and Markets Authority (ESMA) has issued a public statement, “Accounting for Income Tax Consequences of the United States Tax Cuts and Jobs Act under IFRS,” which clarifies certain accounting requirements in IAS 12, “Income Taxes” and the impact the tax reform may have on year-end financial reporting.

Accounting Roundup - Closing Out 2017

27 Nov, 2017

Closing out 2017 discusses the significant corporate reporting issues relevant to 31 December 2017 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2016/2017, ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

ESMA expands Q&A document on the implementation of its APM guidance

30 Oct, 2017

In June 2015, the European Securities and Markets Authority (ESMA) published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers that became effective in July 2016. Since then, ESMA has published several questions and answers on the guidelines to promote common supervisory approaches and practices in the implementation of them. Six new questions have now been added to the document.

ESMA announces enforcement priorities for 2017 financial statements

27 Oct, 2017

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2017 financial statements will focus on.

ESMA expands Q&A document on the implementation of its APM guidance

13 Jul, 2017

In June 2015, the European Securities and Markets Authority (ESMA) published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers that became effective in July 2016. Since then, ESMA has published several questions and answers on the guidelines to promote common supervisory approaches and practices in the implementation of them. Four new questions have now been added to the document.

ESMA publishes Q&A document on the implementation of its APM guidance

27 Jan, 2017

In June 2015, the European Securities and Markets Authority (ESMA) published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers that became effective in July 2016. The purpose of the document now published is to promote common supervisory approaches and practices in the implementation of these guidelines.

ESMA calls for consistent application of IFRS 9

10 Nov, 2016

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 9 'Financial Instruments' by European issuers listed on regulated markets.

ESMA announces enforcement priorities for 2016 financial statements

28 Oct, 2016

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2016 financial statements will focus on.

ESMA calls for consistent application of IFRS 15

20 Jul, 2016

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 15 'Revenue from Contracts with Customers' by European issuers listed on regulated markets.

FRC publishes frequently asked questions on the ESMA APM Guidelines

25 May, 2016

The Financial Reporting Council (FRC) has today issued responses to some frequently asked questions on the European Securities and Markets Authority's (ESMA's) 'Guidelines on Alternative Performance Measures'. The responses have been developed to "assist directors in their consideration of the Guidelines'. — Alternative performance measures: A practical guide

ESMA publishes table showing compliance with guidelines on alternative performance measures

22 Dec, 2015

The European Securities and Markets Authority (ESMA) has published a table showing (intended) compliance with its final Guidelines on Alternative Performance Measures (APMs) for listed issuers.

ESMA announces enforcement priorities for 2015 financial statements

27 Oct, 2015

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2015 financial statements will focus on.

ESMA issues public statement on disclosures

27 Oct, 2015

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at improving the quality of disclosures in financial statements.

ESMA publishes final guidelines on alternative performance measures

30 Jun, 2015

The European Securities and Markets Authority (ESMA) has published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers. The guidelines apply to issuers with securities traded on regulated markets, and persons responsible for drawing up a prospectus. They are effective from 3 July 2016.

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