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ESMA comment letter on IFRS for SMEs

  • ESMA (European Securities and Markets Authority) (dark gray) Image

13 Dec 2012

The European Securities and Markets Authority (ESMA) has published to its website a comment letter to the IASB on its comprehensive review of IFRS for SMEs.

In the comment letter, the ESMA noted its serious concern about permitting the use of IFRS for SMEs for financial institutions. The letter asks that the current requirements not be changed and for the IASB to continue to prohibit all financial institutions from using IFRS for SMEs. The ESMA expressed its belief that every financial institutions should be publicly accountable, regardless of size.

We cannot support an approach that permits financial institutions to use simplified accounting standards, which cannot appropriately reflect their business. . . . [W]e feel there is no room for an adequate application of IFRS for SMEs to financial institutions without compromising the objectives of financial reporting, in particular the objectives to provide decision-useful information.

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