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26. October 2023

ESMA: Enforcement priorities for 2023 annual financial reports published

On 25 October 2023, the European common enforcement priorities of the European Securities and Markets Authority (ESMA) and national supervisory authorities of the European Economic Area for the 2023 annual financial reports were published.

The enforcement priorities are structured as follows:

  1. Priorities related to IFRS financial statements
    • Impact on the financial statements
    • Macroeconomic environment
  2. Priorities related to non-financial statements
    • Article 8 of the Taxonomy Regulation (Regulation (EU) 2020/852)
    • Targets, actions and progress
    • Scope 3 emissions
  3. Other considerations on
    • Alternative Performance Measures and
    • European Single Electronic Format (Commission Delegated Regulation (EU) 2018/815)

In addition, the following issues are prioritised regarding financial reporting:

  • Insurance Contracts (IFRS 17)
  • Amendments to IAS 12: International Tax Reform Pillar Two Model Rules

With regard to sustainability reporting, the following issues are prioritised:

  • Preparations in view of the entry into application of the CSRD (Directive (EU) 2022/2464)
  • European Commission’s recommendation on Transition finance (Commission Recommendation (EU) 2023/1425)

The ASCG is engaged in various activities on these issues. For example, the ASCG user forums on electronic financial reporting according to ESEF, on the implementation of ESRS or on taxonomy reporting, which are exclusively open to our member companies and associations. In addition, the ASCG working groups “Climate Reporting”, “Group Management Report” and “Taxes” deal in depth with the above-mentioned topics.