IOSCO statement on importance of disclosure about COVID-19
02 June 2020
The International Organization of Securities Commissions (IOSCO) has issued a
public statement on the importance of disclosure about COVID-19 aspects to
highlight financial reporting issues that should be considered by issuers in
order to provide investors with relevant and reliable information in their
financial reports and related disclosure documents.
The statement discusses:
- the importance of disclosures about the impact on amounts recognised, measured and presented in the financial statements;
- the importance of transparent and complete disclosures that should be entity-specific and especially highlight significant judgments and estimates;
- non-GAAP measures that should be reliable and informative;
- interim reports that should provide robust disclosures of material information and management’s response to the changing circumstances;
- implications for the annual audit; and
- the balance between the flexibility provided by regulators by extending the period to file financial information and the responsibility to provide timely and comprehensive financial information that includes reasonable and supportable judgments.
A corresponding press release and the public
statement are available on the IOSCO website.