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ESMA statement on the implications of the COVID-19 outbreak on the half-yearly financial reports

ESMA statement on the implications of the COVID-19 outbreak on the half-yearly financial reports

20 May 2020
The European Securities and Markets Authority (ESMA) has issued a public statement calling for transparency on COVID-19 effects in half-yearly financial reports.
The statement highlights:
  • the importance of providing relevant and reliable information, which may require issuers to make use of the time allowed by national law to publish half-yearly financial reports while not unduly delaying the timing of publication;
  • the importance of updating the information included in the latest annual accounts to adequately inform stakeholders of the impacts of COVID-19, in particular in relation to significant uncertainties and risks, going concern, impairment of non-financial assets and presentation in the statement of profit or loss; and
  • the need for entity-specific information on the past and expected future impact of COVID-19 on the strategic orientation and targets, operations, performance of issuers as well as any mitigating actions put in place to address the effects of the pandemic.
ESMA also notes that the statement is also applicable to financial statements in other interim periods when IAS 34 Interim Financial Reporting is applied.