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ESMA, consistent with its prior positions, strongly disagrees with the introduction of the possibility to modify the content of IFRS as issued by the IASB (a mechanism known as ‘carve-in’).
In ESMA’s view, any European-specific adjustments to IFRS would defy one of the key objectives of the IAS Regulation, namely that financial reporting standards applied by listed issuers are accepted internationally and are truly global standards. On the contrary, the EU should show leadership in reaffirming its commitment to IFRS. This in turn would increase its ability to influence the development of IFRS, which the EU should continue to actively do as part of the IASB’s due process.
ESMA also urges the EC to swiftly endorse the draft RTS on European Single Electronic Format (ESEF) in order to provide certainty to the relevant market stakeholders and ensure timely preparedness of both software and issuers’ capabilities.
Additionally, ESMA commented on the following three issues: