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EECS – its enforcement-activities, due process and impacts
The European Securities and Markets Authority (ESMA)’s mission is to enhance the protection of investors and reinforce stable and well-functioning financial markets in the European Union. To reach that goal in the field of corporate reporting, achieving convergence amongst enforcers on technical positions and decisions taken by national enforcers is essential. This is the reason why ESMA put in place the European Enforcers Coordination Sessions (EECS). Experts from the national enforcers meet eight to nine times a year in order to discuss emerging issues and decisions already taken.
In addition to fostering the exchange of views on issues dealing with the application of IFRSs, the sessions allow ESMA to alert the International Accounting Standards Board (IASB) and its Interpretations Committee on various implementation issues, and thereby contribute to the development of high quality standards.
In an effort to further improve supervisory convergence in Europe, in 2012 ESMA published its first Common Enforcement Priorities (ECEP). The objective of this publication is to invite preparers and auditors to do their best efforts in the application of the IFRS requirements with regards to a...