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On 27 October 2015, ESMA published a public statement on improving the quality of disclosures in IFRS financial statements to address concerns surrounding the lack of relevant information...
within Law Department Performance, Insolvency/Bankruptcy/Re-Structuring and Consumer Protection topic(s)
with readers working within the Retail & Leisure industries
On 27 October 2015, ESMA published a public statement on
improving the quality of disclosures in IFRS financial statements
to address concerns surrounding the lack of relevant information
and increasing size of annual reports.
ESMA proposes that the
following principles be considered with regards to disclosures made
in annual reports:
Provide information that is as entity specific as possible and
avoid boilerplate language;
Provide information that is necessary to understand the
issuer's financial performance and position;
Use the materiality concept under IFRS more effectively and
remove irrelevant information;
Financial statements should be as clear and concise as
possible; and
Issuers and auditors should ensure that financial statements
and supporting documents are consistent.
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