European Companies Told to Come Clean on Coronavirus Pain

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European Companies Told to Come Clean on Coronavirus Pain Davis ## Reporter 05/20/20 (Wed) 09:52:43 78925e No.258893

By Huw Jones

https://www.reuters.com/journalists/huw-jones

Listed companies in the European Union should state the uncertainties they face due to the coronavirus pandemic in their half-yearly reports and explain why they can stay in business, the bloc’s securities watchdog said on Wednesday.

The European Securities and Markets Authority (ESMA) said that to provide relevant and reliable information, companies may need to use of the extra time allowed by national law to publish half-year results.

“ESMA also highlights the importance of providing information on the identification of the principal risks and uncertainties to which issuers are exposed,” it said in a statement.

Financial firms should disclose the assumptions and judgments used to calculate how much they set aside in provisions to cover expected losses on loans, it said.

https://www.reuters.com/article/us-health-coronavirus-eu-markets/european-companies-told-to-come-clean-on-coronavirus-pain-idUSKBN22W0WM?il=0

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