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CESR sees improvements in financial instruments disclosures

  • European Union (old) Image

26 Oct 2010

In October 2009, the Committee of European Securities Regulators (CESR) analysed the 2008 financial statements of 96 European listed banks and insurers to assess compliance with the disclosure requirements of IFRS 7 Financial Instruments: Disclosures.

The results of the study highlighted that compliance could be improved in certain areas to enhance the transparency of financial communication to the market.

CESR has continued to monitor closely developments in relation to the reporting of financial instruments, including actions taken by different EU enforcers in respect of the accounts that were reviewed last year. In a follow-up report published today, CESR reports improvement in all monitored areas. The most significant increase in the level of compliance relate to: valuation techniques, own credit risk, credit risk, day one profit or losses and special purpose entities. A high level of compliance is also reported in respect of the new requirements relating to fair value hierarchy, mandatory for the first time in the December 2009 accounts.

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