European Transparency Directive requires that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. The requirements in the Directive aim at making submission easier for issuers and facilitating accessibility, analysis and comparability for investors and regulators. In September 2015, the European Securities and Markets Authority (ESMA) launched a consultation to determine the most suitable technology to meet the ESEF requirement.
The European Union has published a Commission Regulation endorsing IFRS 9 'Financial Instruments', confirming the decision to adopt the standard announced last Friday.
On 22 November, the International Financial Reporting Standard (IFRS) 9 on Financial Instruments was adopted into EU law. There is no entry in the Offical Journal yet, however, the European Commission (EC) communicated the decision by press release.
The European Banking Authority (EBA) has launched a second impact assessment of IFRS 9 'Financial Instruments' on a sample of approximately 50 institutions across the European Union.
The CFA Institute, a global association of investment professionals, has published 'Corporate Governance Policy in the European Union: Through an Investor’s Lens'. The report identifies that investors believe there is still much that could be done in Europe to simplify mechanisms to enhance corporate accountability and realise maximum value from reforms that have already been undertaken.
IFRS 9 endorsement must be seen as on its way following the Accounting Regulatory Committee’s vote in favour of endorsing the standard and the European Parliament not having raised an objection. The amendmends to IFRS 4 regarding the application of IFRS 9 with IFRS 4 have now passed the first hurdle as well with a positive EFRAG draft endorsement advice.
The European Banking Authority (EBA) has published a first report on the results of its impact assessment of IFRS 9 'Financial Instruments'. For the report, EBA looked at a sample of approximately 50 institutions across the European Union.
On 12 October 2016, the European Financial Reporting Advisory Group (EFRAG) issued a preliminary consultation document relating to the endorsement for use in the EU of IFRS 16 'Leases'. This consultation document has now been supplemented by a questionnaire for users.
On 11 October 2016, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament (EP) voted on a report that supports a proposal by the European Commission (EC) to extend the financing of the European Financial Reporting Advisory Group (EFRAG) beyond 2016. Next to supporting the continued financing of EFRAG the report, which has now become publicly available, also demands that EP resolutions are considered in standard-setting and in the endorsement process.
The European Union has published a Commission Regulation endorsing IFRS 15 'Revenue from Contracts with Customers'. IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.
The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2016 financial statements will focus on.
In July 2016, the European Banking Authority (EBA) launched a consultation on draft guidelines on credit institutions' credit risk management practices and accounting for expected credit losses. The Federation of European Accountants (Fédération des Experts-comptables Européens, FEE) has responded to the consultation and asks for clarifications regarding the intended interaction between prudential and accounting requirements.
The European Financial Reporting Advisory Group (EFRAG) has issued a preliminary consultation document relating to the endorsement for use in the EU of IFRS 16 'Leases'.
Yesterday, the plenary of the European Parliament debated a proposed resolution regarding IFRS 9 'Financial Instruments'. A vote on the resolution is scheduled for tomorrow.
The European Parliament think tank that produces supporting documents to help shape new European legislation has published an issue of its 'At a Glance' series that deals with the endorsement of IFRS 9 'Financial Instruments'.
The European Union has published a Commission Regulation endorsing the December 2014 amendments to IFRS 10, IFRS 12 and IAS 28 that address issues that have arisen in the context of applying the consolidation exception for investment entities.
In April 2014 a regulation of the European Union came into force establishing a Union programme to support specific activities in the field of financial reporting and auditing for the period of 2014-20. The regulation forms the legal basis for the co-financing of the IFRS Foundation, EFRAG and PIOB. According to the regulation, the
Commission must prepare an annual report on the activity of the beneficiaries of the programme. The first report is now available.
On 31 August 2016, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament (EP) will consider a draft report that would support a proposal by the European Commission (EC) to extend the financing of the European Financial Reporting Advisory Group (EFRAG) beyond 2016.
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 IAS 8, IAS 12, IAS 18, IAS 19, IAS 21, IAS 38, IAS 39, IAS 41, IFRS 2, IFRS 3, IFRS 8, IFRS 11, IFRS 13, IFRIC 14, IFRIC 17, and IFRIC 21.
The European Banking Authority (EBA) has launched a consultation on draft guidelines on credit institutions' credit risk management practices and accounting for expected credit losses.
The monthly slot for scrutiny of delegated acts and implementing measures of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament today focused on IFRS 9. Experts heard were IASB Chairman Hans Hoogervorst, EFRAG TEG Chairman Andrew Watchman, and Erik Nooteboom, Acting Director Investment and Company reporting, DG FISMA, European Commission.
For the meeting of the European Commission's Accounting Regulatory Committee (ARC) on 27 June 2016, the Commission services prepared two non-papers that address the meaning of the European public good criterion and its relevance to the endorsement process the meaning of the true and fair view criterion and its relevance to the endorsement
process.
The monthly slot for scrutiny of delegated acts and implementing measures of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament on 13 July 2016 will focus on International Financial Reporting Standards (IFRSs).
On 27 June 2016, the Accounting Regulatory Committee (ARC) voted in favour of endorsing IFRS 9 'Financial Instruments' for use in the European Union. Final endorsement is currently expected in the fourth quarter of 2016.