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12 July 2017

ESMA publishes new Q&A on Alternative performance measures guidelines

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The purpose of this Q&A is to promote common supervisory approaches and practices in the implementation of these guidelines.

The European Securities and Markets Authority (ESMA) has published four new questions in its Questions and Answers document, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.

The new questions provide information on:

  • the definition of APMs in the context of interim financial statements;
  • the prominence of APMs, i.e, the way they are presented compared to IFRS figures outside financial statements; and
  • the use of the “compliance by reference” principle as set out in the Guidelines.

An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The guidelines apply to alternative performance measures disclosed by issuers or persons responsible for drawing up a prospectus.

Full Q&A



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