10/28/2022 | Press release | Distributed by Public on 10/28/2022 03:41
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has issued its annual Public Statement on European Common Enforcement Priorities (Statement). This year's priorities cover the impact of Russia's invasion of Ukraine, the macroeconomic environment and climate-related matters in financial and non-financial information. The statement also highlights the importance of comprehensive disclosures pursuant to Article 8 of the Taxonomy Regulation.
The recommendations in the Statement will be considered by national enforcers when they monitor and assess the 2022 annual financial reports of listed companies.
Priorities related to IFRS financial statements
The 2022 enforcement priorities for financial statements prepared in accordance with IFRS cover:
Priorities related to non-financial statements
The recommendations concerning non-financial information refer to:
Considerations related to APMs and ESEF
Regarding Alternative Performance Measures (APMs), the Statement highlights that issuers are expected to comply with the APM Guidelines and ESMA Q&As on APMs in relation to all APMs used. In this respect, subtotals included in financial statements and in the notes may fall within the scope of the guidelines if they are presented in management reports, prospectuses and press-releases.
Regarding the European Single Electronic Format (ESEF), the Statement underlines that starting from the financial year 2022 and pursuant to the regulatory technical standard on ESEF, issuers should block tag the notes to the financial statements. More information here.
ESMA and national enforcers will monitor and supervise the application of the recommendations outlined in the Statement, with national enforcers incorporating them into their examinations and taking corrective actions where appropriate. ESMA will then collect data and communicate its findings in its report due in spring 2024.
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