The European Securities and Markets Authority (ESMA), the EU’s
securities markets regulator, has today released a Public Statement on
the implications of Russia’s invasion of Ukraine on half-yearly
ESMA recognises the human cost of Russia’s
military aggression against Ukraine, and the significant challenges to
business activities and effects on the global economic and financial
system posed by the invasion. The statement, with the aim of promoting
investor protection, provides overarching messages to issuers and
auditors including: A reminder of the main IFRS requirements which may
be applicable in the context of Russia’s invasion of Ukraine e. g. ,
impairment of non-financial and financial assets, and loss of control;
ESMA’s expectations regarding disclosures in financial statements e.
g. , judgements made, significant uncertainties, and going concern
risks; ESMA’s expectations regarding disclosures in interim management
reports e. g. , direct and indirect impact of Russia’s invasion of
Ukraine and imposed sanctions on issuers’ strategic orientation and
targets, operations, financial performance, financial position and
cash-flows, measures taken to mitigate the impacts, and cybersecurity
risks; and A reminder of issuers' obligations vis-à-vis the Market
ESMA expects issuers
(management and supervisory bodies) and their auditors to consider the
messages of the statement when preparing and, where applicable,
reviewing interim financial reports.
ESMA and the European
enforcers will focus on ensuring that adequate transparency is
provided regarding the impacts and implications of Russia’s invasion
of Ukraine in financial information published by European issuers.
Solveig Kleiveland Senior
Communications Officer Tel: +33 (0)1 58 36 43 27 Email: [email protected]
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