Related news

• European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9

• 16 Dec 2020

• The European Union has published a Commission Regulation endorsing 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'.

• Option for Member States to delay ESEF by one year

• 15 Dec 2020

• The European Parliament and the Council agreed to an amendment of the Transparency Directive allowing Member States to delay by one year the application of the European Single Electronic Format (ESEF) requirements for listed companies' annual financial reports, provided that they notify the Commission of their intention to do so, and of their sufficiently justified reasons.

• ESMA integrates latest IFRS updates in its ESEF taxonomy

• 08 Dec 2020

• The European Securities and Markets Authority (ESMA) has published amendments to the European Single Electronic format (ESEF) to update the core taxonomy to the latest updates to IFRSs.

• President of the EFRAG Board consults on his views on non-financial reporting standard-setting

• 01 Dec 2020

• In October 2020, EFRAG Board President Jean-Paul Gauzès invited all interested stakeholders to contribute views related to his ad personam mandate from the European Commission to develop proposals for possible changes to the governance and funding of EFRAG in the context of non-financial reporting standard-setting.

• Accountancy Europe response to ad personam mandate on non-financial reporting standard setting

• 19 Nov 2020

• Accountancy Europe has responded to the request of the President of the EFRAG Board to share views on the future governance and framework of EFRAG in the context of possible changes to non-financial reporting by companies.

• Deloitte response to ad personam mandate on non-financial reporting standard setting

• 10 Nov 2020

• The Deloitte firms in the European Union have responded to the request of the President of the EFRAG Board to share views on the future governance and framework of EFRAG in the context of possible changes to non-financial reporting by companies.

• ESMA announces enforcement priorities for 2020 financial statements

• 28 Oct 2020

• The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2020 financial statements will focus on. A special focus is on COVID-related matters.

• ECON briefing paper on IFRS 17

• 27 Oct 2020

• A briefing paper prepared for a meeting of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament discussing the current situation as regards adoption of IFRS 17 'Insurance Contracts' is publicly available.

• Survey of accounting for intangibles by SMEs

• 13 Oct 2020

• The European Federation of Accountants and Auditors for SMEs (EFAA) has published the results of a survey that examined the extent of harmonisation of the accounting for intangibles by SMEs across Europe.

• European Union formally adopts IFRS 16 amendments regarding COVID-19-related rent concessions

• 12 Oct 2020

• The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)'.

• EFRAG draft endorsement advice on IFRS 17 now available

• 30 Sep 2020

• As reported earlier, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed to publish positive a draft endorsement advice (DEA) on IFRS 17 'Insurance Contracts' in a public meeting on 10 September 2020, however, the actual document itself was still outstanding.

• EFRAG agrees on draft endorsement advice on IFRS 17

• 10 Sep 2020

• In a public meeting, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed today to publish positive a draft endorsement advice (DEA) on IFRS 17 'Insurance Contracts'.

• Summary of responses to the EC consultation on the revision of the NFRD

• 29 Jul 2020

• In February 2020, the European Commission (EC) launched a public consultation on a revision of the EU Non-Financial Reporting Directive (NFRD). A summary of responses is now available on the EC website. However, the summary ignores the many calls the consultation elicited for global standard-setting as opposed to regional standard-setting in non-financial reporting.

• ESMA, EBA reiterate that IFRSs do not hamper sustainable investment behaviour

• 17 Jul 2020

• In April 2020, the European Commission (EC) published a consultation on a renewed sustainable finance strategy and in that context tried to reopen the debate on whether IFRS rules hinder sustainable investment behaviour despite contrary findings from the Fitness Check on the EU framework for public reporting by companies in 2018, corresponding analyses by the European Securities and Markets Authority (ESMA) and the European Financial Reporting Advisory Group (EFRAG) following the Fitness Check, and the European Banking Authority (EBA) report on undue short-term pressure from the financial sector on corporations.

• ESMA updates ESEF reporting manual

• 10 Jul 2020

• The European Securities and Markets Authority (ESMA) has published an update of its European Single Electronic Format (ESEF) Reporting Manual. The manual is aimed at all market participants involved in the implementation of the requirements set out in the ESEF Regulation.

• EFRAG to undertake preparatory work for possible EU non-financial reporting standards

• 03 Jul 2020

• In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). One of the aspects of the review looks at whether to mandate the use of a common set of non-financial reporting standards and whether these should be especially developed European standards. The EC has now sent two letters to the European Financial Reporting Advisory Group (EFRAG) asking it to undertake preparatory work for the possible elaboration of such standards.

• EFRAG undertakes first step in the endorsement process for IFRS 4/IFRS 9 amendment

• 26 Jun 2020

• Yesterday, the International Accounting Standards Board (IASB) issued in addition to 'Amendments to IFRS 17' also 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'. While the two pronouncements result from the same project, publishing two documents instead of one will help the endorsement process for the amendments in the European Union.

• Responses to the EC consultation on the revision of the NFRD show desire for global standard-setting in this area

• 15 Jun 2020

• In February 2020, the European Commission (EC) launched a public consultation on a revision of the EU Non-Financial Reporting Directive (NFRD). Among the proposals included in the consultation document was the suggestion that an EU standard-setter could be installed that would set European non-financial reporting standards.

• EFRAG moves quickly on endorsement advice on IFRS 16 amendment

• 03 Jun 2020

• The European Financial Reporting Advisory Group (EFRAG) has issued final endorsement advice for 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' not even a week after the amendment was issued by the IASB.

• EC review of the NFRD postponed by three months

• 27 May 2020

• In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). The COVID-19 pandemic has now led to changes in the timetable.

• ESMA statement on the implications of the COVID-19 outbreak on the half-yearly financial reports

• 20 May 2020

• The European Securities and Markets Authority (ESMA) has issued a public statement calling for transparency on COVID-19 effects in half-yearly financial reports.

• European Union formally adopts IFRS 3 amendments regarding the definition of a business

• 22 Apr 2020

• The European Union has published a Commission Regulation endorsing 'Definition of a Business (Amendments to IFRS 3)'.

• EC launches consultation on renewed sustainable finance strategy

• 09 Apr 2020

• In the context of the European Green Deal and building on the 2018 Action Plan on financing sustainable growth, the European Commission (EC) has launched a consultation on its renewed sustainable finance strategy. Despite contrary findings of a recent study commissioned by the EC, the wording and the options for answering one of the questions of the consultation document seem to suggest that IFRSs may hamper sustainable finance.

• EC consultation on the revision of the NFRD — Deadline extended

• 03 Apr 2020

• In February 2020, the European Commission launched an initiative to review the European Non-Financial Reporting Directive. The deadline for comments has now been extended to 11 June 2020.

• ESMA publishes 24th enforcement decisions report

• 03 Apr 2020

• 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 15 (three decisions), IFRS 7, IFRS 9/IAS 12, IFRS 10, IAS 34, and IFRS 15/IFRS 16.