ESMA publishes more enforcement decisions

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04 Apr 2013

The European Securities and Markets Authority (ESMA) has published another batch of extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IAS 16, IAS 36, IAS 38, IAS 39, IAS 8/IAS 40, IAS 24/IAS 34, IFRS 7/IAS 39, IFRS 3, and IFRIC 12.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, thirteenth in the series, include:

IAS 39 Financial Instruments: Recognition and Measurement Recognition of financial expense on financial liabilities measured at amortised cost
IAS 38 Intangible Assets Intangible assets with indefinite useful life
IFRIC 12 Service Concession Arrangements Presentation of revenue and expenses related to service concession arrangements
IAS 36 Impairment of Assets Value in use calculation
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 40 Investment Property Assessment of materiality of an error
IAS 24 Related Party Disclosures and IAS 34 Interim Financial Reporting Related party disclosures in interim financial statements
IFRS 3 Business Combinations Definition of a business
IFRS 7 Financial Instruments: Disclosures and IAS 39 Financial Instruments: Recognition and Measurement Disclosures related to fair value of financial instruments
IAS 36 Impairment of Assets Discount rate in value in use calculation
IAS 16 Property, Plant and Equipment Residual value of property

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