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EU Review Shows Shortcomings Persist in IFRS Compliance

Roberta Holland | May 28, 2014

A review by the European Union's markets regulator found continued shortcomings in companies' compliance with International Financial Reporting Standards (IFRS).

The European Securities and Markets Authority (ESMA) released a report detailing its own activities as well as other accounting enforcers within the European Economic Area. The other enforcers include bodies like Germany's Federal Financial Supervisory Authority, France's Financial Markets Authority, and the United Kingdom's Financial Conduct Authority and Financial Reporting Council.

In order to assess common enforcement priorities for the year, ESMA reviewed a sample of 185 IFRS statements from 2012, on which European enforcers took 46 enforcement actions. The authority said shortcomings included issuers' disclosures of management's approach to key assumptions and the sensitivity analysis...

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