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Normally, the historical financial information of the issuer reflects the business of the issuer as a whole throughout the required period, including significant acquisitions or disposals. There are certain circumstances that arise, mainly in relation to public offers or admission to trading of shares, in which the issuer has not prepared its historical financial information as a single business during the whole of the period.
Market participants, especially representatives of the accountancy profession, encouraged CESR to provide recommendations in order to provide clarity and convergence as to what is required when issuers have a complex financial history.
Responses to the consultation should be submitted online by 15 September 2005. A hearing will also take place at CESR’s premises on 6 September 2005.
The deadline set by the European Commission for the submission of the CESR advice is 31 October 2005.