CESR finds noncompliance with IFRS disclosures
03 Nov 2009
The Committee of European Securities Regulators (CESR) has analysed the 2008 financial statements of 96 European listed banks and insurers, including 22 companies from the FTSE Eurotop 100 index, to assess compliance with the disclosure requirements of IFRS 7 Financial Instruments: Disclosures.
CESR found that "in some areas a significant proportion of European financial companies failed to comply with mandatory disclosure requirements relating to financial instruments". Edxamples of noncompliance included disclosures about the use of valuation techniques and about relationships with special purpose entities (SPEs). CESR's analysis is reported in a CESR Statement titled Application of Disclosure Requirements Related to Financial Instruments in the 2008 Financial Statements. CESR's statement notes that "CESR would have expected a higher level of compliance with mandatory requirements, particularly in light of the market conditions that existed during the second half of 2008 and the beginning of 2009." Click for:
- CESR Statement (PDF 276k)
- CESR Press Release (PDF 162k)
