CNMV announces its priorities for the supervision of listed companies' 2026 annual reports
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The CNMV has published the priorities it will apply when reviewing listed issuers' 2026 annual accounts and sustainability reports. On the financial side it asks for early disclosure of the impact of IFRS 18, which takes effect in 2027; on sustainability, an adequate description of the business model and value chain.
Key points
- Explanation of expected changes to the structure and subtotals of the income statement.
- Disclosure of management-defined performance measures (MPMs) and their effect on current APMs.
- Consistency of the business model across the sustainability report, the notes and the management report.
Who is affected
Issuers with securities admitted to regulated markets and their auditors.
Deadlines
2026 annual reports; IFRS 18 applies from 2027.
Plain-language version
The CNMV, Spain's market watchdog, has set out what it will focus on when reviewing listed companies' 2026 accounts. It wants firms to explain now how a new accounting standard (IFRS 18) arriving in 2027 will change their profit figures. For investors, that means comparing profits without nasty surprises.
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