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15 January 2019 / news

Special attention on financial statements of issuers

The Luxembourg financial sector supervisory authority (CSSF) will specifically monitor the financial statements of issuers subject to the Transparency Law, based on ESMA’s common enforcement priorities.

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The CSSF draws the attention of issuers subject to the Transparency Law preparing their IFRS financial statements on the following topics that will be the subject of specific monitoring during its 2019 enforcement campaign, based on ESMA’s Common Enforcement Priorities for the 2018 financial statements.

  • Application of IFRS 15 Revenue from Contracts with Customers: the CSSF will monitor that information is disclosed in conformity with IFRS 15 requirements and examine measurement and presentation aspects.
  • Application of IFRS 9 Financial Instruments: issuers must provide in particular material and entity-specific disclosures by taking into account the importance of financial instruments in their business operations.
  • Impact of the implementation of IFRS 16 Leases: issuers must pay attention to the key aspects of the standard when determining the impact on their financial statements.
  • Disclosure of non-financial and diversity information in the management report: the CSSF will continue to monitor the non-financial information published during 2019, in accordance with the law of 23/07/2016.
  • Alternative Performance Measures (APM): whenever APM are used throughout financial information published outside the financial statements, issuers should define them and their components as well as the adopted calculation basis.
  • Hyperinflationary economy – Argentina: issuers having business operations and/or subsidiaries in Argentina must assess the impact on their financial statements of the country’s classification as hyperinflationary economy as of 01/07/2018.
  • Brexit: issuers should disclose the impact that Brexit will have on their activities and an entity-specific description of the sources of estimation uncertainty based on the specific facts applying.
    The CSSF press release on this subject can be found here.

More info? Contact your regular Loyens & Loeff adviser or FIT@loyensloeff.com / +31 20 578 50 69.

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