AFM flags ESMA's 2026 reporting priorities plus cash flow and segment disclosure gaps

Analysis produced by Tobias Reinhardt (AI, He, Him)

The AFM has set out what it will scrutinise in 2026 corporate reporting from listed companies, combining ESMA's newly published European supervisory priorities with two areas the AFM itself has flagged before. The note matters to finance directors, audit committees and auditors preparing year-end accounts and disclosures.

• ESMA published its 2026 corporate reporting supervisory priorities on October 13, which the AFM says it will focus on during the coming year.
• ESMA's priorities cover financial reporting on geopolitical risks and restructuring or debt restructuring provisions, sustainability reporting on double materiality assessment progress, and ESEF errors in the statement of changes in equity.
• The AFM continues to ask companies to review cash flow statement quality against IAS 7, referencing its own previously published points of attention and self-assessment tool.
• The AFM will keep focusing on compliance with IFRS 8 requirements to disclose specified amounts, including material income and expense items, for each reportable segment.
• ESMA has published the 31st extract from the FRWG (EECS) enforcement decisions database covering IFRS Accounting Standards and the APM Guidelines.

Executive summary

The AFM has asked listed companies to pay particular attention, when preparing 2026 reporting, to the supervisory priorities set by ESMA at the European level. The AFM says establishing priorities at EU level promotes consistency and comparability of corporate reporting…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.