ESMA reviews the application of IFRS 13 – Fair value measurement requirements

The report builds on a desktop review of the 2015 financial statements of a sample of 78 issuers from different industries, and on the evidence from enforcement actions taken by European enforcers relating to financial years 2013, 2014 and 2015.

The requirements of IFRS 13 have, in general, been well incorporated by the issuers in the sample. ESMA, however, finds room for improvement in areas such as disclosures on fair value and the assessment when transaction or quoted prices do not represent fair value.

Next steps

ESMA expects issuers and their auditors to consider the findings of this review when preparing and auditing the financial statements.

ESMA will submit this report to the International Accounting Standards Board which is currently conducting a Post Implementation Review on this standard.

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Press release: Review into abuse and intimidation in elections

The Prime Minister has asked the Committee on Standards in Public Life to conduct a review into the issue of intimidation experienced by Parliamentary candidates.

The review was announced by Chris Skidmore, the Minister for the Constitution, in a Westminster Hall Debate. It follows reports of abuse experienced by Parliamentary candidates who stood during the 2017 General Election.

The independent committee will look at the nature of the problem of intimidation. They will consider the current protections and measures in place for candidates, and will report back to the Prime Minister with recommendations for further tackling the issue.

A number of candidates have come forward about abuse they experienced during the campaign for the 2017 General Election. The All Party Parliamentary Group on Antisemitism recently published their Electoral Conduct Report which included reports from candidates of all parties of racist graffiti, death threats and abuse on social media.

Prime Minister Theresa May said:

I have been horrified by stories from colleagues about the scale and nature of the intimidation, bullying and harassment they suffered during the general election campaign.

Robust debate is a vital part of our democracy, but there can be no place for the shocking threats and abuse we have seen in recent months.

We must all work together to banish this behaviour, and I would urge MPs and candidates from all parties to report their experiences to this review so we get the fullest possible picture – and can take the action required to stamp it out.

Minister for the Constitution, Chris Skidmore said:

A cornerstone of our democracy is that everyone’s voice matters and no-one should be intimidated by abuse. We need to ensure that our democracy is a tolerant and inclusive one, in which all future candidates for election will not be dissuaded or intimidated from standing for public office.

The committee will set out how they will take forward the review in due course.