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)

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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.

EECS's database extracts
IFRSs enforcement, list of standards and persons responsible


Person responsible

Supervision of IFRS- and sustainability reporting 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 Nina Oker-Blom
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 Riitta Pelkonen
IFRS 16 Leases Nina Oker-Blom
IFRS 17 Insurance Contracts Leena Sinisalo
IAS 1 Presentation of Financial Statements Nina Lindeman
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 36 Impairment of Assets Nina Oker-Blom
IAS 37 Provisions, Contingent Liabilities and Contingent Assets Nina Lindeman
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
Taxonomy Sirpa Joutsjoki
Sustainability reporting Laura Heinola
Audit questions Tiina Visakorpi

See also: