ESMA calls for consistent application of IFRS 9

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10 Nov 2016

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at promoting the consistent application of IFRS 9 'Financial Instruments' by European issuers listed on regulated markets.

In light of the expected impact and importance of the implementation of IFRS 9, ESMA highlights the need for consistent and high-quality implementation of IFRS 9 and the need for transparency on its impact to users of financial statements. The statements addresses the following topics:

  • Transparency on implementation and effects of IFRS 9;
  • Specific considerations for financial institutions/credit institutions;
  • Illustrative timeline and good practices of disclosures for financial institutions; and
  • Next steps.

Please click to download the IFRS 9 public statement from the ESMA website.

In July 2016, ESMA published a similar statement on the application of IFRS 15. ESMA expects that the statements will be taken into account and reflected in the 2016 and 2017 annual and 2017 interim financial statements.

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