CESR Issues Statement On Compliance Of Financial Institutions With IFRS Disclosures

CESR publishes today an analysis (Ref. CESR/09-821) of the compliance of European financial institutions with disclosure requirements related to financial instruments. For the purposes of the analysis, CESR reviewed the 2008 year-end financial statements of 96 listed banks and/or insurers, including 22 companies from the FTSE Eurotop 100 index.

The findings revealed that, in some areas, a significant proportion of companies failed to comply with mandatory disclosure requirements relating to financial instruments, for example regarding the use of valuation techniques and on relationships with special purpose entities (SPEs).

The publication of the report is accompanied by a press release.