Firms Grapple with Updated Reporting Standards
ESMA is due to issue new clarifications on IFRS 9 and IFRS 15, which will impact capital markets firms and the technology they use for reporting purposes.
Nearly a quarter of investigated companies in 2015 failed to issue their financial statements in accordance with new regulations, according to an official report on the analysis of the European Securities and Markets Authority's (ESMA's) regulatory reqirements, published on March 29.
According to the report, ESMA tested interim and/or annual financial results from 1,200 companies across the EU. In 273 cases, regulators had to take action due to inaccuracies in three main areas: the presentation
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