ESMA considers the following financial reporting topics to be of particular importance for European listed companies in light of the current economic situation:

• impairment of non-financial assets;
• measurement and disclosure of post-employment benefit obligations;
• fair value measurement and disclosure;
• disclosures related to significant accounting policies, judgements and estimates; and
• measurement of financial instruments and disclosure of related risks.

ESMA and the national competent authorities will monitor the application of the IFRS requirements outlined in the priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. National authorities may also focus on other locally relevant areas as part of their review and are not be limited to the specific issues identified by ESMA.

ESMA will collect data on how European listed entities have applied the priorities and will publish its findings in early 2015. ESMA expects to publish its findings on the 2012 priorities in early 2014

Please click for (links to ESMA website):

• ESMA press release
• ESMA public statement, providing more background on each of the focus areas

In July 2013, ESMA launched a consultation on guidelines on the enforcement of financial information published by listed entities in the European Union. The proposed guidelines also called for a greater coordination of enforcement activities through the means of common enforcement priorities.