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EU securities regulators adopt accounting enforcement standard

  • European Union (old) Image

03 Apr 2003

The Committee of European Securities Regulators (CESR) has published its Standard No.

1, Enforcement of Standards on Financial Information in Europe. This standard is aimed at developing and implementing a common approach to the enforcement of International Financial Reporting Standards (IFRS) throughout the EU. The document sets out 21 high level principles that define enforcement and describe principles that EU member states should adopt in enforcing IFRS, including structure of their enforcement authority; selection of financial information to be reviewed for enforcement purposes; actions available to enforcers (including, in particular, asking for public correction); cross-border coordination; and reporting by enforcement agencies. The standard was issued along with a Press Release and a Statement summarising the responses to CESR's earlier consultation.

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