One of the requirements of the amended European Transparency Directive is that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. The European Securities and Markets Authority (ESMA) has now published the final regulatory technical standards (RTS) on the ESEF together with some other helpful guidance.
The European Banking Authority (EBA) has published its 2018 EU-wide stress test methodology. The exercise will cover 70% of the EU banking sector and will, for the first time, incorporate IFRS 9 'Financial Instruments'.
The European Financial Reporting Advisory Group (EFRAG) has issued positive endorsement advice on 'Prepayment Features with Negative Compensation (Amendments to IFRS 9)', confirming its preliminary assessment that the amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good.
The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2017 financial statements will focus on.
The European Financial Reporting Advisory Group (EFRAG) has issued positive draft endorsement advice on 'Prepayment Features with Negative Compensation (Amendments to IFRS 9)', not even a week after the amendments were issued by the IASB.
The European Systemic Risk Board (ESRB) has published a report on the financial stability implications of IFRS 9 'Financial Instruments'. The ESRB’s work on this topic was requested by the European Parliament in January 2016.
The European Supervisory Authorities (ESAs) have jointly written to the European Parliament and the Council of the European Union to speak out against enlarging the amendments to IFRS 4 to include a "top up" that would allow a financial conglomerate to elect that none of its entities operating in the insurance sector apply IFRS 9 in the consolidated financial statements for financial years the commencement of which precedes 1 January 2021 where certain conditions are met.
The European Commission has made available the text sent to the European Parliament and the Council of the European Union regarding the endorsement of 'Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)'. The text includes a "top up" that would allow a financial conglomerate to elect that none of its entities operating in the insurance sector apply IFRS 9 in the consolidated financial statements for financial years the commencement of which precedes 1 January 2021 where certain conditions are met.
The European Banking Authority (EBA) has published a report on the results of its second impact assessment of IFRS 9 'Financial Instruments'. For the report, EBA looked at a sample of approximately 50 institutions across the European Union.
European Transparency Directive requires that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. The European Securities and Markets Authority (ESMA) has concluded that Inline XBRL is the most suitable technology for issuers to report their annual financial reports in a single electronic format because it enables both machine and human readability in one document.
On 21 March 2017, the European Commission launched a public consultation on the operation of the European Supervisory Authorities (ESAs), one of which is the European Securities and Markets Authority (ESMA). The consultation document had suggested that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role". The feedback statement now published shows that stakeholders did not share this view.
The EU Directive on disclosure of non-financial and diversity information by large companies and groups addressing environmental, social, and governance (ESG) issues entered into force on 6 December 2014. The European Commission (EC) has now adopted non-binding guidelines on the disclosure of non-financial information by companies. Their objective is to help companies fulfil the requirement to disclose relevant and useful information on environmental and social matters in a consistent and more comparable way.
The European Central Bank (ECB) has written a letter to the European Parliament regarding the impact of IFRS 9 'Financial Instruments' on
capital ratios.
The European Banking Authority (EBA) has published its 2018 EU-wide stress test draft methodology and templates. The exercise will cover 70% of the EU banking sector and will, for the first time, incorporate IFRS 9 'Financial Instruments'.
The European Economic Area member firms of Deloitte Touche Tohmatsu Limited have responded to the European Commission’s consultation on “The Operations of the European Supervisory Authorities”.
On 21 March 2017, the European Commission launched a public consultation on the operation of the European Supervisory Authorities (ESAs), one of which is the European Securities and Markets Authority (ESMA). The consultation document suggested that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role".
The European Banking Authority (EBA) has finalised its guidelines on credit institutions' credit risk management practices and accounting for expected credit losses.
The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2016.
The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice for the use of the amendments contained within ‘Annual Improvements to IFRS Standards 2014 – 2016 Cycle’ in the European Union (EU).
The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice for the use of 'Transfers of Investment Property (Amendments to IAS 40)' in the European Union (EU).
The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice for the use of IFRIC Interpretation 22 'Foreign Currency Transactions and Advance Consideration’ in the European Union (EU).
The European Commission has launched a public consultation on the operation of the European Supervisory Authorities (ESAs) one of which is the European Securities and Markets Authority (ESMA). The consultation suggests that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role".
Accountancy Europe (formerly the Federation of European Accountants, FEE) and the Institute of Registered Auditors of Luxembourg (IRE) will host a public sector roundtable on the topic of 'Public sector reform: Reporting and auditing accrual based accounts' on 30 June 2017.
The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of 'Transfers of Investment Property (Amendments to IAS 40)' in the European Union (EU).