IFRS enforcement
IFRS enforcement, i.e. supervision of listed companies’ compliance with the International Financial Reporting Standards (IFRSs), is risk-based supervision. Based on separately specified risk factors, the FIN-FSA selects the companies whose financial statements and other financial reports are from time to time subject to a full review. The FIN-FSA may also conduct a partial review, in which case financial statements and reports are examined partly in terms of some separately selected aspect of financial reporting. Such thematic reviews have been conducted in the case of goodwill impairment testing and corporate acquisitions, for example. IFRS enforcement also includes reactive supervision where the FIN-FSA examines, based on stock exchange announcements or complaints, the appropriateness of the individual accounting methodology selected by the company.
IFRS enforcement focuses on listed companies’ and supervised entities’ financial statements, management reports and interim reports. The scope of supervision comprises both consolidated financial statements and financial statements of separate companies.
The supervisory work also comprises reviews on various parts of the financial statements. We publish reports of our findings on our website. We also discuss with listed companies and other interested parties, including representatives of the auditing sector.
What does IFRS enforcement mean for listed companies? (in Finnish)
Video script in English (pdf)
International cooperation
The FIN-FSA actively participates in the cooperation between financial reporting supervisors in the EU. The Corporate Reporting Standing Committee (CRSC), which is a permanent committee of the European Securities and Markets Authority (ESMA), coordinates supervision and other activities of its member organisations in matters related to financial reporting of listed companies.
The CRSC has developed supervisory cooperation and harmonised supervisory methods for financial reporting in Europe. The objective of the cooperation is to promote uniform application of the IFRSs. Supervisory cooperation and coordination are crucial as the regulation is global, and supervisory methods should therefore be internationally sustainable.
The CRSC regularly arranges meetings for supervisors of financial reporting (European Enforcers Coordination Sessions, EECS), in which the FIN-FSA also takes part. The EECS maintains a common enforcement database for all key decisions on the supervision of financial reporting taken by EU member state supervisors. ESMA publishes these decisions 2-3 times a year. The purpose of publishing the decisions is to provide market participants with information on the European supervisors’ observations on financial reporting.
- ESMA publishes the 28th Extract from the EECS’s Database of Enforcement.(9.10.2023)
- ESMA publishes the 27th Extract from the EECS’s Database of Enforcement (29.3.2023)
- ESMA publishes the 26th Extract from the EECS's Database of Enforcement (17.5.2022)
- ESMA publishes the 25th Extract from the EECS's Database of Enforcement (15.7.2021)
- ESMA publishes the 24th Extract from the EECS's Database of Enforcement (2.4.2020)
- ESMA publishes the 23rd Extract from the EECS's Database of Enforcement (16.7.2019)
- ESMA publishes the 22nd Extract from the EECS's Database of Enforcement (19.4.2018)
- ESMA publishes the 21st Extract from the EECS’s Database of Enforcement (31.10.2017)
- Report - 21st Extract from the EECS’s Database of Enforcement (31.10.2017) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (31.10.2017) (pdf)
- ESMA publishes the 20th Extract from the EECS' database of accounting enforcement decisions (5.1.2017) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (5.1.2015) (pdf)
- ESMA publishes the 19th Extract from the EECS’ database of accounting enforcement decisions (28.7.2016) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (28.7.2015) (pdf)
- ESMA publishes 18th Extract from the EECS's database of enforcement (25.11.2015) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (25.11.2015) (pdf)
- ESMA publishes 17th Extract from the EECS's database of enforcement (21.7.2015) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (18.11.2014) (pdf)
- ESMA publishes 16th Extract from the EECS's database of enforcement (18.11.2014) (pdf)
- List of decisions published in the Extracts from the EECS’s Database of Enforcement (9.4.2014) (pdf)
- ESMA publishes 15th Extract from the EECS’s database of enforcement (9.4.2014) (pdf)
- ESMA publishes 14th Extract from the EECS’s database of enforcement (29.10.2013) (pdf)
- ESMA publishes 13th Extract from the EECS’s database of enforcement (4.4.2013) (pdf)
- ESMA publishes 12th Extract from the EECS’s database of enforcement (10.10.2012) (pdf)
- ESMA publishes 11th Extract from the EECS’s database of enforcement (16.8.2011) (pdf)
- ESMA publishes 10th extract from EECS's database of enforcement decisions (8.3.2011) (pdf)
- CESR publishes 9th extract from EECS's database of enforcement decisions (25.10.2010) (pdf)
- CESR publishes 8th extract from EECS’s database of enforcement decisions (13.7.2010) (pdf)
- CESR publishes 7th extract from EECS’s database of enforcement decisions (16.12.2009) (pdf)
- CESR publishes 6th extract from EECS’s database of enforcement decisions (26.9.2009) (pdf)
- CESR publishes 5th extract from EECS’s database of enforcement decisions (24.3.2009) (pdf)
- CESR publishes 4th extract from EECS’s database of enforcement decisions (23.12.2008) (pdf)
- CESR publishes the 3rd extract from EECS's database of enforcement decisions (19.5.2008) (pdf)
- CESR publishes key information from its database of enforcement decisions taken by EU National Enforcers of financial information (IFRS) (17.12.2007) (pdf)
- CESR publishes key information from its database of enforcement decisions taken by EU National Enforcers of financial information (IFRS) (16.4.2007) (pdf)
Standard |
Person responsible |
IFRS enforcement and regulation | Tiina Visakorpi |
IFRS 1 First-time Adoption of IFRSs | Nina Lindeman |
IFRS 3 Business Combinations | Nina Lindeman |
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations | Nina Oker-Blom |
IFRS 7 Financial Instruments: Disclosures | Leena Sinisalo |
IFRS 8 Operating Segments | Laura Heinola |
IFRS 9 Financial Instruments | Leena Sinisalo |
IFRS 10 Consolidated Financial Statements | Nina Lindeman |
IFRS 11 Joint Arrangements | Nina Lindeman |
IFRS 12 Disclosure of Interests in Other Entities | Nina Lindeman |
IFRS 13 Fair Value Measurement | Nina Oker-Blom, Leena Sinisalo, |
IFRS 15 Revenue from Contracts with Customers | Laura Heinola, Riitta Pelkonen |
IFRS 16 Leases | Nina Oker-Blom, Leena Sinisalo |
IFRS 17 Insurance Contracts | Leena Sinisalo |
IAS 12 Income Taxes | Riitta Pelkonen |
IAS 19 Employee Benefits | Laura Heinola |
IAS 21 The Effects of Changes in Foreign Exchange Rates | Leena Sinisalo |
IAS 24 Related Party Disclosures | Laura Heinola |
IAS 27 Separate Financial Statements | Nina Lindeman |
IAS 28 Investments in Associates and Joint Ventures | Nina Lindeman |
IAS 32 Financial Instruments: Presentation | Leena Sinisalo |
IAS 33 Earnings per Share | Laura Heinola |
IAS 36 Impairment of Assets | Nina Oker-Blom |
IAS 37 Provisions, Contingent Liabilities and Contingent Assets | Riitta Pelkonen |
IAS 38 Intangible Assets | Riitta Pelkonen |
IAS 39 Financial Instruments: Recognition and Measurement | Leena Sinisalo |
IAS 40 Investment Property | Nina Oker-Blom |
NFI Non-financial information | Sirpa Joutsjoki |
See also: