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ESMA publishes 22nd enforcement decisions report

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20 Apr 2018

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 5, IAS 7, IAS 32, IAS1/IAS36, IFRS 3/IFRS 13/IAS 28, IFRIC 17, IAS 1, IFRS 10, IAS 8/IAS 21/IAS 29, and IAS 38.

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, covering the period from August 2016 to July 2017, include:

Standard Topic
IFRS 5Non-current Assets Held for Sale and Discontinued Operations Classification of an asset that is not expected to be sold within one year
IAS 7Statement of Cash Flows Presentation and disclosure of restricted cash balances
IAS 32Financial Instruments: Presentation Perpetual notes classified as liabilities
IAS 1Presentation of Financial Statements
IAS 36 — Impairment of Assets
Disclosure of quantitative commodity price assumptions that have significant risk of resulting in material adjustments to carrying amount
IFRS 3Business Combinations
IFRS 13Fair Value Measurement
IAS 38 Intangible Assets
Purchase price allocation of a group of acquired assets
IFRIC 17 Distributions of Non-cash Assets to Owners Demerger and distribution of a segment to the issuer’s shareholders
IAS 1Presentation of Financial Statements Presentation of revaluation losses of assets used in operating activities
IFRS 10Consolidated Financial Statements Obtaining power over an investee following a tender offer
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 29 Financial Reporting in Hyperinflationary Economies
Lack of foreign currency exchangeability and hyperinflation  
IAS 38 Intangible Assets Amortisation of content rights for films and television programmes

Click for access to the full report (link to ESMA website). The ESMA has also published an updated overview of all enforcement decisions ever published.

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