EU enforcers looking for Covid-19 Transparency

Posted on November 6, 2020 by Editor

The European Securities and Markets Authority (ESMA) has published its annual Public Statement on European Common Enforcement Priorities – and Covid-19 is at the top of the list.

With the pandemic significantly affecting businesses across Europe, this year ESMA will be paying close attention to how transparent annual reports are concerning the consequences of Covid-19.

Key areas that could have been impacted by the pandemic that ESMA will be looking out for include IAS 1 Presentation of Financial Statements, IAS 36 Impairment of Assets, IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, and IFRS 16 Leases.

Steven Maijoor, Chair of ESMA, said: ‘The COVID-19 pandemic has shown the severe impact that non-financial events may have on businesses and the economy. Therefore, transparency in the annual financial reports on the consequences stemming from the outbreak is essential to preserving market confidence.’

Find out more here.

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