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ESMA_QA_2775
Topic
Alternative Performance Measures (APM)
16/02/2026
Subject Matter
Interaction of the APM Guidelines with IFRS 18 Presentation and Disclosure in Financial Statements; APM Guidelines and paragraphs 117 to 125 of IFRS 18
Question
How should an issuer present alternative performance measures in light of the IFRS 18 Presentation and Disclosures in Financial Statements? Which are the main differences between the scope and requirements of the APM Guidelines and IFRS 18?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_1886
Topic
Alternative Performance Measures (APM)
01/04/2022
Subject Matter
Labels used by issuers on ESG financial measures; Paragraphs 3, 4, 8, 17, 22, 33 of the APM Guidelines.
Question
How do the APM Guidelines principles regarding labels apply to ESG financial measures (e.g., green turnover, sustainable CAPEX)?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_1885
Topic
Alternative Performance Measures (APM)
01/04/2022
Subject Matter
Application of the APM Guidelines to measures related to ESG matters; Paragraphs 3, 4, 17, 21, 22, 26, 33, 35, 37 and 41 of the APM Guidelines.
Question
Do the APM Guidelines apply to financial measures related to ESG matters (e.g., green turnover, sustainable CAPEX)?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_1884
Topic
Alternative Performance Measures (APM)
01/04/2022
Subject Matter
Application of the APM Guidelines in the context of COVID-19; Paragraphs 8, 17-19, 33, 34, 41 and 43 of the APM Guidelines.
Question
How should an issuer present the impact of COVID-19 for the purpose of the APM Guidelines?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_1883
Topic
Alternative Performance Measures (APM)
30/10/2017
Subject Matter
Application of the Fair review principle to APMs; Paragraphs 6, 8 and 22 of the APM Guidelines.
Question
May APMs representing a biased measure of performance (i.e. a measure that includes one-off gains but disregards one-off related losses) violate the APM Guidelines even if they are correctly labelled?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC