The Cyprus Securities and Exchange Commission (“CySEC”) has issued a Circular drawing the attention of issuers whose securities are admitted to trading on the Stock Exchange or another regulated market to the Public Declaration by the European Securities and Markets Authority on “European common enforcement priorities for 2014 financial statements” (ESMA Statement/2014/1309). This sets out the priority areas identified jointly by supervisory authorities of member states of the European Economic Area in relation to financial statements of issuers for the year 2014 concerning the adoption of International Financial Reporting Standards (IFRS) in specific financial reporting areas, which they consider important in order to promote uniform application of IFRS in Europe.

The common enforcement priorities for 2014 financial statements focus on the following specific topics:

• Preparation and presentation of consolidated financial statements and related disclosures;
• Financial reporting by entities which have joint arrangements and related disclosures; and
• Recognition and measurement of deferred tax assets.

In addition financial institutions that have securities listed on a regulated market are required to disclose all relevant information in relation to the European Central Bank’s Comprehensive Assessment of the European banking sector.