ESMA publishes report on the activities of corporate reporting enforcers and their findings within the EU in 2023
27 Mar, 2024
The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the corporate reporting enforcers in the European Union (EU) when examining compliance of financial and non-financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2023.
European enforcers examined the financial statements of 703 issuers representing an average examination rate of 17% of all IFRS issuers with securities listed on regulated markets. These examinations resulted in 250 actions taken to address material departures from IFRS. As in the past, most infringements were identified in the areas of accounting for financial instruments, impairment of non-financial assets, presentation of financial statements and revenue recognition.
Enforcers also assessed the non-financial information for 389 issuers, covering approximately 17% of the total estimated number of issuers required to publish a non-financial statement, resulting in 91 enforcement measures.
The report also looks at ESEF reporting as for financial years beginning on or after 1 January 2021, issuers must prepare their annual financial reports according to XHTML requirements and mark-up those IFRS consolidated financial statements contained therein according to iXBRL requirements.
Please click to access the full report on the ESMA website.
