Fernando RESTOY, Executive board member of the Spanish CNMV
CESR-Fin is a permanent operational group with the role of co-ordinating the work of CESR Members in the area of endorsement and enforcement of financial reporting standards in Europe.
CESR-Fin enables CESR to play an effective role in the implementation and enforcement of the international accounting standards (IAS/IFRS) in the European Union (EU) in the context of the EU's new accounting framework that will become mandatory for all European companies listed on an EU regulated market as from 2005. This allows CESR to participate pro-actively during the development and implementation of IAS/IFRS through an engaged dialogue with all the key policy makers involved throughout the European endorsement process.
Furthermore, CESR-Fin’s role is to assist CESR members in delivering a co-ordinated and effective application of IAS/IFRS by EU listed companies, through the preparation of standards and guidelines on supervision and enforcement of financial reporting in Europe and through exchange of information and discussion of enforcement cases and decisions. The objective is thereby to ensure a robust and consistent application of IAS/IFRS in Europe..
CESR-Fin has also been tasked with monitoring developments in Europe in the field of auditing. This includes monitoring and evaluating developments in relation to auditing standards, including independence and ethics of auditors and the quality assurance and public oversight mechanisms;
These objectives are achieved by maintaining one standing committee (CESR-Fin) responsible for all financial reporting issues and one subcommittee working specifically on operational aspects (the European Enforcers Coordination Sessions – EECS – which includes CESR and non-CESR members who have competences in the enforcement of compliance with IFRS). In addition, Project Groups will be set up and disbanded by CESR-Fin in a more flexible manner as needed in order to respond rapidly on key issues arising in the area of activity of CESR-Fin.
23 Dec. 2008
4th extract from EECS’s database of enforcement decisions
10 Dec. 2008
CESR comment letter to EFRAG - Comments regarding IASB’s Exposure Draft on IFRS 7 Improving Disclosures about Financial Instruments
19 Nov. 2008
Feedback statement - CESR statement on Fair value measurement and related disclosures of financial instruments in illiquid markets
14 Nov. 2008
Final advice - CESR’s technical advice to the European Commission on Indian GAAP
14 Nov. 2008
Press release - CESR proposes that Indian GAAP be accepted in the EU until the end of 2011