ESMA Guidelines on Alternative Performance Measures

ESMA Guidelines on Alternative Performance Measures

from 13 February 2014 to 21 May 2014


Reasons for publication

In October 2005, the Committee of European Securities Regulators (CESR), ESMA’s predecessor body, published a Recommendation on Alternative Performance Measures (“CESR Recommendation” CESR/05-178b). The CESR Recommendation was issued mainly in order to reinforce the objectives of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards.

Given the CESR Recommendation has now been in force for more than 8 years, ESMA has decided to review it with the objective of strengthening the principles contained in it. ESMA now plans to re-issue the principles as ESMA [draft] guidelines thus ensuring that issuers and NCAs will make every effort to com-ply with them.


ESMA is issuing this Consultation Paper (CP) to inform market participants about the background to its decision to revise the CESR Recommendation and seek their views on such revision.

Section II “Introduction” indicates the reasons for which ESMA believes that these [draft] guidelines on APMs should be issued.

Section III “Scope and purpose of the [draft] guidelines” indicates when the [draft] guidelines apply and how these [draft] guidelines interact with financial statements.

Section IV “Compliance and reporting obligations” describes how issuers and NCAs should comply with the [draft] guidelines.

Section V “[Draft] Guidelines on APMs (Background)” describes the rationale followed in preparing the [draft] guidelines and explanations on the principles provided, which are included in full in Annex III.

ESMA would appreciate any comments and answers from stakeholders on the questions contained in the consultation paper. For your convenience, the questions are summarised in annex II.

Next steps

ESMA will consider the feedback it receives to this consultation in 2014 and expects to publish final guide-lines in the fourth quarter of 2014.

Document available for this Consultation
13/02/20142014/175ESMA Guidelines on Alternative Performance Measures


Activity Institution Download
Financial Reporting Council
FAR - The Institute for the Accountancy Profession in Sweden
International Federation of Accountants (IFAC)
anc.doc (282 KB)
The Swedish Financial Reporting Board
London Stock Exchange Group
German Banking Industry Committee
Asset Management Investment Management Association
esma_apms.pdf (305.36 KB)
Banking Deutsche Bank
Banking Swedish Bankers' Association
Banking Portuguese Banking Association
Banking Danish Bankers Association
Credit Rating Agencies Standard and Poor's Rating Services
Government, Regulatory and Enforcement SIX Exchange Regulation
Government, Regulatory and Enforcement Irish Auditing and Accountancy Supervisory Authority
Government, Regulatory and Enforcement EFRAG
Individuals Hungarian Compliance Professionals Working Group
Insurance and Pension Insurance Europe & CFO Forum
Insurance and Pension German Insurance Association [GDV]
Investor Relations UCB
Issuers The 100 Group of Finance Directors
Issuers SBM Offshore NV
Issuers Association of Investment Companies
Issuers Rio Tinto plc
Issuers AFEP
Issuers GlaxoSmithKline plc
Issuers Stagecoach Group plc
Issuers SAP AG
Issuers European Issuers
Issuers Deutsches Aktieninstitut e.V.
Legal and Accountancy Chartered Accountants Ireland
Legal and Accountancy Grant Thornton International Ltd
Legal and Accountancy Compagnie nationale des commissaires aux comptes (France)
Legal and Accountancy FSR - danske revisorer
Legal and Accountancy Deloitte (European Economic Area member firms of DTTL)
Legal and Accountancy Federation of European Accountants
fee.pdf (87.55 KB)
Legal and Accountancy KPMG IFRG Limited
Others Confederation of Swedish Enterprise
Others Confederation of Danish Industry
Others Association of General Counsel and Company Secretaries of FTSE 100 Companies (GC100)
Others "World Intellectual Capital/Assets Initiative" (WICI) Global Network
Others The Linde Group
Others Quoted Companies Alliance
Others CFA Society of the UK
Others CRUF
Others Finnish Institute of Authorised Public Accountants
Others Securities and Markets Stakeholders Group
Others Danish Shareholders Association
Insurance, pension & asset management Eumedion
Insurance, pension & asset management Association of British Insurers