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The Directive 94/19/EC (the Directive), as amended, requires Member States to ensure that one or more deposit-guarantee schemes (DGS) are introduced and officially recognised within their territories. These can have the character of ex-ante or ex-post schemes. As the transposition of the Directive 2014/49/EU4 is not yet completed in all jurisdictions, this opinion addresses the accounting treatment predominantly for ex-ante schemes set up according to the Directive.
This opinion is limited to the accounting treatment of ex-ante non-refundable cash contributions to DGS for which the obligating event is identified at a single point in time (e.g. on 1 January). Furthermore, in some Member States, deposit protection is obtained through a deposit held at the DGS or on an escrow account. An analysis of such schemes as well as non-cash contributions (payment commitments) introduced by the Directive 2014/49/EU is beyond the scope of this opinion.
While ESMA acknowledges that the supervision of financial reporting and necessary potential enforcement actions rest with National Competent Authorities (NCAs), it is important that consistent application and enforcement of IFRS is achieved across the EU.
The present opinion is based on the enforcers’ discussions within ESMA (through EECS) in order to coordinate the enforcement activities in the particular area of determining the accounting treatment for ex-ante cash contributions to the DGS where divergence in application of IFRS in the EU was identified.