Effective enforcement of IFRS is an important factor contributing to investors’ understanding of the possible impact of the financial crisis on the financial position and performance of listed companies. ESMA aims to facilitate communication among enforcers around the world, thus contributing to the consistent application of IFRS.
ESMA’s decision to organise this seminar reflects its strong commitment to strengthen the dialogue with third-country IFRS enforcers with a view to enhance cooperation and the consistent application of IFRS around the globe.
When IFRSs were introduced in the EU, ESMA’s predecessor body, the CESR, established a forum where IFRS enforcers of the EEA meet on a regular basis. With the transition from CESR to ESMA, the tools to achieve consistent enforcement within the EEA have improved substantially.
The meetings between ESMA and European enforcers are conducted on a confidential basis, but ESMA has received many requests from non-EEA countries since its inception, to share its experience with its global counterparts. As such, in order to respond to such requests from non-EEA countries that have, or are in the process of, converging or adopting IFRS, ESMA organised its second seminar which focused on the challenges supervisors face in enforcing IFRS worldwide and how to enhance the co-operation between enforcers.
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