The Luxembourg regulator, the CSSF, has issued a statement highlighting the common areas of focus for issuers subject to the transparency law. Not surprisingly, the focus areas are perfectly in line with the enforcement priorities issued by the European regulator, ESMA, to promote the consistent application of IFRS standards.
Our IFRS enforcement priorities checklists guide you through the different requirements of your 2019 annual reports so that you are not missing out on essential requisites for all entities.
Credit institutions are subject to specific requirements under IFRS 9. Our IFRS enforcement priorities checklist for credit institutions provides a comprehensive checklist to guide you through financial statement preparation.
This table convers the main disclosure requirements for all entities, and for credit institutions..
Determination of the lease term, which may require significant judgement
Determination of discount rate(s)
Disclosure of significant judgements and assumption made in applying IFRS 16
Presentation requirements of items related to leases in the primary FS and notes > reminder that carrying amount of RoU must be disclosed separately by class of underlying assets
Fully compliant transitional disclosures, including any difference between operating leases commitments under IAS 17 and leases recognised under IFRS 16.
|IFRS 9 - Credit institutions||
Determination of the ECL and forward looking information
Assessment of SICR
ECL disclosures, especially key assumptions, parameters, sensitivity analysis and credit risk models
|IFRS 15 - Corporate issuers||
Detailed and entity specific information on accounting policies on revenue recognition, significant judgements and estimates and contract balances
Disaggregation of revenue into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors
|IFRIC 23||Transparent and entity-specific disclosure of accounting policies regarding the recognition, measurement, presentation and disclosure of uncertain tax position.|
Attention to the ESMA Public Statement on IAS 12
Key focus on issuer's judgements related to recognition, measurement, re-measurement and disclosure of DTA
Attention to IFRS IC discussions on presentation of assets and liabilities related to uncertain tax treatments
|IFRS 3 - valuation of intangible assets||
Significant judgements underlying the conclusion whether separation of intangible assets in a business combination is deemed necessary
Disclosure of sources of estimation uncertainty when a significant risk exists within the next financial period of material adjustment to the carrying amount of the assets in relation to FV measurements used in the business combination
Valuation methods and assumptions used in the valuation of intangible assets acquired in a business combination
Are you impacted by the issues touched upon in this report? Get in touch with Stephan Lego-Deiber and his team to discuss your perspective or challenges.
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