ARTICLE
17 April 2015

Cyprus Securities And Exchange Commission Circular On European Common Enforcement Priorities For 2014 Financial Statements

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Financial institutions that have securities listed on a regulated market are required to disclose all relevant information in relation to the European Central Bank's Comprehensive Assessment of the European banking sector.
Cyprus Corporate/Commercial Law

The Cyprus Securities and Exchange Commission ("CySEC") has issued a Circular drawing the attention of issuers whose securities are admitted to trading on the Stock Exchange or another regulated market to the Public Declaration by the European Securities and Markets Authority on "European common enforcement priorities for 2014 financial statements" (ESMA Statement/2014/1309). This sets out the priority areas identified jointly by supervisory authorities of member states of the European Economic Area in relation to financial statements of issuers for the year 2014 concerning the adoption of International Financial Reporting Standards (IFRS) in specific financial reporting areas, which they consider important in order to promote uniform application of IFRS in Europe.

The common enforcement priorities for 2014 financial statements focus on the following specific topics:

  • Preparation and presentation of consolidated financial statements and related disclosures;
  • Financial reporting by entities which have joint arrangements and related disclosures; and
  • Recognition and measurement of deferred tax assets.

In addition financial institutions that have securities listed on a regulated market are required to disclose all relevant information in relation to the European Central Bank's Comprehensive Assessment of the European banking sector. 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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