European Securities Markets Authority publishes annual Activity Report on monitoring and enforcement of International Financial Reporting Standards in Europe
The European Securities Markets Authority (ESMA) has published its annual activity report on the monitoring and enforcement of International Financial Reporting Standards (IFRS) in Europe.
The Report provides an overview of the activities conducted at European and national level with respect to examining compliance of financial information of listed issuers on regulated markets with the applicable reporting framework. It also outlines other activities conducted with the objective of contributing to supervisory convergence in the area of financial reporting, and, in particular, with respect to IFRS in the European Economic Area (EEA) during the year ended 31 December 2013.
The Report is based on the activities of ESMA and European accounting enforcers. The Report provides a description of the existing enforcement system in Europe, the main activities that were coordinated at European level during 2013, information on enforcement activities and ESMA’s contribution to the financial reporting standard setting process.
IAASA is an active participant in the ESMA-sponsored European Enforcers’ Co-ordination Sessions (EECS). The objective of EECS is to coordinate European enforcement activities in order to increase convergence amongst European national accounting enforcers and contribute to fostering investor confidence. Further details of IAASA’s participation at EECS will be included in IAASA’s forthcoming 2013 Annual Report.
The ESMA 2013 Activity Report can be accessed here.