On 30 October 2017, ESMA issued a revised version of its Q&A document on the implementation of its Guidelines on Alternative Performance Measures (APMs) for listed issuers, adding six new questions and answers.
The new Q&As provide information on areas including: the definition of APMs; the scope of the APM guidelines; how to apply the fair review principle under the APM guidelines; and also how to provide reconciliation between the APM used and the most directly reconcilable line item total or subtotal presented in financial statements.
APMs are financial information on a company's historical or future performance, financial position or cash flow, which are not drawn from the financial statements. The guidelines apply to APMs disclosed by issuers with securities traded on regulated markets, and to persons responsible for drawing up a prospectus.
The revised Q&A document can be found here:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
