International financial reporting activities For Issuers of securities

The financial reporting requirements for Dutch listed companies have a strong international character. The organizations listed below play a significant role.


One of the objectives of the independent standard-setting body International Accounting Standards Board (IASB) is to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS). In developing these standards, the transparency and comparability in the financial statements will increase. The Interpretations Committee (IFRS IC), which is part of the IASB, develops interpretations (IFRIC) on current financial reporting standards in order to reach consensus and avoid misinterpretations.

Approval process

After the European Commission has endorsed the IFRS and the IFRIC, they will be adopted into the European regulations by means of the IAS Regulation. This Regulation is directly applicable in the national legal systems of EU Member States and listed companies are required to apply the approved IFRS and IFRIC when preparing their consolidated financial statements.


The European Securities and Markets Authority (ESMA) is an independent authority that contributes to enhancing and safeguarding the consistent application of the international financial reporting requirements. The AFM participates in the Corporate Reporting Standing Committee (CRSC). In a subgroup of the CRSC, the IFRS Project Group, which is chaired by the AFM, comment letters are issued in response to proposals of the IASB. By doing so, the AFM exercises influence on the development of financial reporting standards set by the IASB.

Furthermore, the AFM takes part in the European Enforcers Coordination Sessions (EECS) organized by ESMA. During the EECS meetings, the supervisory decisions taken by European supervisory authorities individually are discussed in anonymous form.

The EU supervisory authorities have also made arrangements regarding the structure of the supervision and regarding a common approach to assess financial reporting issues. ESMA has issued two standards for that purpose.


At a global level, the International Organization of Securities Commissions (IOSCO) is recognized as the most important organization for securities regulators. Representing one of the most highly developed securities markets, the AFM is a member of the IOSCO Board under which various committees have been established.

The AFM participates in the Committee on Multinational Disclosure and Accounting which, among other things, is engaged in providing comments on international financial reporting standards.

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