Following the endorsement of IFRS 15 (Revenue from Contracts with Customers) by the European union, IFRS 15 will apply from 1 January 2018. Last week the European Securities and Markets Authority (ESMA) issued a Public Statement on the implementation of IFRS 15.
The aim of the Public Statement is to promote consistent application of European securities and markets legislation, and more specifically that of International Financial Reporting Standards (’IFRS Standards’). In light of the expected impact and importance of the implementation of IFRS 15, ESMA highlights the need for consistent and high-quality implementation of IFRS 15 and the need for transparency on its impact to users of financial statements. The statement is relevant for all issuers when preparing their financial statements for the financial years 2016, 2017 and 2018. ESMA urges European issuers to provide relevant and transparent information about the expected impact this standard will have on their IFRS financial statements.
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.