MFSA Circular on Improvements in Disclosures related to IFRS 3 – Business Combinations

MFSA Circular on Improvements in Disclosures related to IFRS 3 – Business Combinations

On the 18th June 2014, the Malta Financial Services Authority (MFSA) issued a Circular notifying the financial services industry of the recent publication by the European Securities and Markets Authority (ESMA) of its report on the application of accounting requirements for business combinations in IFRS financial statements.

The report is based on a review of the annual IFRS financial statements of 56 EU-based issuers and analyses the consistency of how key requirements of IFRS 3 – Business Combinations are applied. Moreover, ESMA’s said report identifies areas where the usefulness and quality of the financial information could be improved.

ESMA’s Report is available on its official website.

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