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European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.
Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA. Decisions included in this extract were taken by national enforcers in the period from February 2013 to November 2014.
ESMA will continue publishing further extracts from the confidential database of enforcement decisions on financial statements on a regular basis, with the next extract expected to be published in the second half of 2015.
In accordance with the provisions of the Guidelines on the enforcement of financial information, cases submitted to the enforcement database are considered as appropriate for publication if they fulfil one or more of the following criteria:
· The decision refers to a complex accounting issue or an issue that could lead to different applications of IFRS;
· The decision relates to a relatively widespread issue among issuers or within a certain type of business and, thereby, may be of interest to other enforcers or third parties;
· The decision addresses an issue on which there is no experience or on which enforcers have inconsistent experiences;
· The decision has been taken on the basis of a provision not covered by an accounting standard.