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COVID-19 - Impact on Financial Sector - 20 May 2020

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20/05/2020

Please find below a summary of COVID-19 developments relevant to our clients; these alerts are dedicated to following up on the financial  regulators’ responses to the crisis. We have also created a COVID-19 Resource Center to offer legal and business insights as this crisis continues to evolve. We wish you and your loved ones well.

If you have any questions please feel free to contact: 

Tom Van Dyck
+32 475 90 90 91
t.vandyck@liedekerke.com

Freya Mareels 
+32 475 25 11 50
f.mareels@liedekerke.com

Wim Dedecker
+32 491 36 03 99
w.dedecker@liedekerke.com

 

20/05/2020

ESMA calls for transparency on COVID-19 effects in half-yearly financial reports

ESMA has published a Public Statement addressing the implications of the COVID-19 pandemic on the half-yearly financial reports of listed issuers. In particular, this Statement addresses the preparation of the interim financial statements according to IFRS and the interim management reports for the 2020 half-yearly reporting periods. 

In its Public Statement, ESMA provides recommendations and highlights: 

  • the need for issuers to provide relevant and reliable information that is useful to investors to adequately reflect the current and expected impact of the COVID-19 situation on the financial position, performance and cash-flows of issuers. Therefore, the publication of the half-yearly financial reports may not be unduly delayed;
  • the importance of updating the information included in the latest annual accounts to adequately inform stakeholders of the impacts of the COVID-19 pandemic, in particular in relation to significant uncertainties and risks, going concern, impairment of non-financial assets and presentation in the statement of profit or loss; and

  • the need for issuers to provide detailed and entity specific information in their interim management reports regarding, amongst other things, the past and expected future impact of COVID-19 on the strategic orientation and targets, operations, performance of issuers as well as any mitigating actions put in place to address the effects of the pandemic.

     


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