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.
The European Banking Authority (EBA) has published a report summarising the findings arising from the monitoring activities on the IFRS 9 implementation by EU institutions. EBA notes significant efforts in IFRS 9 implementation by EU institutions, but cautions on some of the observed accounting practices, especially in the context of the COVID-19 pandemic.
The European Union has published a Commission Regulation endorsing IFRS 17 'Insurance Contracts', albeit with an exemption regarding the annual cohort requirement.
In June 2021, EFRAG launched a public consultation on the requirements EFRAG plans to follow in its role as technical advisor to the European Commission in the preparation of European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive. A summary of the responses to the consultation is now available.
The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2021 financial statements will focus on. A special focus is on COVID-19 and climate-related disclosures.
The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' issued by the IASB in March 2021.
On 16 July 2021, the Accounting Regulatory Committee (ARC) voted in favour of endorsing IFRS 17 'Insurance Contracts' (including the amendments to IFRS 17 issued in June 2020) for use in the European Union. Final endorsement is currently expected in the fourth quarter of 2021.
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 9 (three decisions), IFRS 16 (two decisions), IFRS 9/IFRS 7, IAS 1, IAS 1/IAS 34, IAS 1/IFRS 7 and IAS 7.
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.
The EFRAG has launched a public consultation paper, ‘EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting’. The consultation paper provides the requirements the EFRAG plans to follow in its role as technical advisor to the European Commission in the preparation of European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive.
The European Commission (EC) has sent a letter to the European Financial Reporting Advisory Group (EFRAG) to begin work on the European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive (CSRD) published by the EC in April. The letter notes that in order to meet the tight timeline the EC has set for itself, the development of draft sustainability standards will need to start before the new EFRAG governance structure is in place.
At the high-level conference "Proposal for a Corporate Sustainability Reporting Directive - The Way Forward" hosted by the European Commission on 6 May 2021, Jean-Paul Servais, Vice Chair of the International Organization of Securities Commissions (IOSCO) and Chair of the IFRS Foundation Monitoring Board explained why IOSCO believes in the IFRS Foundation Trustees’ sustainability initiative and what IOSCO will do to support it.
In its efforts to revise the EU Non-Financial Reporting Directive (NFRD), the European Commission (EC) in April 2021 published a proposal for a Corporate Sustainability Reporting Directive (CSRD). At a high-level conference on 6 May 2021 "Proposal for a Corporate Sustainability Reporting Directive - The Way Forward" participants also discussed the tight timeframe of the EC proposals.
In March 2018, the European Commission (EC) initiated a "fitness check assessment" on public reporting by EU companies. The final results of this assessment have now been published.
In its efforts to revise the EU Non-Financial Reporting Directive (NFRD), the European Commission (EC) has today published a proposal for a Corporate Sustainability Reporting Directive (CSRD).
The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Union (EU) when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2020.
The European Financial Reporting Advisory Group (EFRAG) has submitted final endorsement advice on IFRS 17 ‘Insurance Contracts’ including the June 2020 amendments to the European Commission.
The European Securities and Markets Authority (ESMA) has published a report that analyses the application of the requirements of IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements' and IFRS 12 'Disclosure of Interests in Other Entities' by European issuers.
EFRAG has published draft endorsement advices on ‘Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)’ and ‘Definition of Accounting Estimates (Amendments to IAS 8).’
The European Securities and Markets Authority (ESMA) has commented on the European Financial Reporting Advisory Group's (EFRAG) draft endorsement advice on IFRS 17 'Insurance Contracts'.
As reported before, EFRAG conducted a series of online outreach events to gather stakeholders' view from various jurisdictions on the tentative proposals of the Project Task Force on non-financial reporting standards. An outreach document was provided to facilitate discussions at those meetings. Accountancy Europe has published a letter noting several shortcomings of the document.
The European Union has published a Commission Regulation endorsing 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.
Accountancy Europe has responded to the consultation document on the ad personam mandate on potential need for changes to the governance and funding of EFRAG in the context of possible changes to non-financial reporting by companies.