ESMA publishes enforcement priorities for financial reporting

On 12 November 2012, the European Securities and Markets Authority (ESMA) published a set of priority issues to be used by the national authorities in Europe, including the Netherlands Authority for the Financial Markets (AFM), when supervising the financial reporting for 2012.

ESMA has defined these enforcement priorities in consultation with the national authorities. The priorities concern the application of the International Financial Reporting Standards (IFRS) for transactions, circumstances and events that are relevant in light of the current economic circumstances.

The topics:

1. Financial assets
2. Impairment of non-financial assets
3. Defined benefit obligations
4. Provisions, contingent liabilities and contingent assets

These priorities are largely in line with the topics of the AFM’s thematic reviews that will be performed in 2013, and the considerations for the 2012 financial reporting 2012, as published by the AFM in September 2012. By publishing these common enforcement priorities, ESMA aims to promote the consistent application and enforcement of IFRS in Europe.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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