The Norwegian Financial Supervisory Authority has published a webcast and presentations from its seminar on financial reporting and related rules for listed companies, setting out how it will supervise issuers’ International Financial Reporting Standards (IFRS) financial statements, European Sustainability Reporting Standards (ESRS) disclosures and Market Abuse Regulation (MAR) information duties. The material includes priority areas for reviewing 2025 annual reports and thematic observations from its reviews of 2023 IFRS reporting and 2024 sustainability reporting by large listed non-financial issuers. For financial statements, the priorities include issuer-specific disclosure of geopolitical risk and uncertainty, impairment and inventory write-downs, deferred tax assets, revenue recognition including over-time revenue and onerous or renegotiated contracts, restructuring costs, valuation of financial instruments, and segment reporting plus customer and geographic information. European Single Electronic Format (ESEF) supervision will focus on cash-flow statement tagging, completeness and consistency, and the use and anchoring of taxonomy extensions. Finanstilsynet also highlighted how KRT-1003 data are used for risk monitoring and risk-based selection for control work, noting a combined NOK 52 billion materiality level set by auditors across the controlled listed population and a broad incidence of error corrections and restatements in historical reporting. On sustainability, 2025 is described as the first year in which more Norwegian companies will report under the Corporate Sustainability Reporting Directive (CSRD); supervision will mainly use thematic reviews based on public information while reserving the option of issuer-specific measures for material breaches or missing reporting and taking account of EU-level Omnibus and ESRS change processes. Reviews of eight large listed issuers’ 2024 reports found indications of weaknesses in ESRS E1-6 greenhouse-gas emissions disclosures, including organisational boundary choices, missing splits within scope 1 and 2, limited detail on methodologies, assumptions, emissions factors and calculation tools, incomplete justification for scope 3 coverage and primary-data use, limited disaggregation, and changes to the prescribed presentation table. A parallel review of selected ESRS S1 Own workforce metrics and targets pointed to recurring gaps such as missing mandatory tables, incomplete gender breakdowns and workforce coverage, shortcomings in “adequate wage” disclosures, unclear reporting of occupational health and safety measures, and errors or inconsistent scope in gender pay-gap and remuneration ratio calculations, as well as incomplete incident and complaint disclosures, despite all eight sustainability reports receiving limited assurance without qualifications. The seminar also covered Finanstilsynet’s expanded capital-markets functions transferred from Euronext Oslo Børs on 1 April 2025, including its role as the takeover authority for bids over companies listed on Euronext Oslo Børs and Euronext Expand Oslo and supervision of MAR disclosure obligations and delayed disclosure, where notifications must be filed through Altinn using form KRT 1801 and the prior exchange notification at the point of delay decision no longer applies. Finanstilsynet reported receiving 422 delayed disclosure notifications since 1 April 2025 (as of 23 October), while reporting for stabilisation and share buy-back programmes continues via Newsweb to Euronext Oslo Børs. Separately, the material summarised a market-conduct decision imposing a NOK 10 million administrative fine for unlawful dissemination of inside information during pre-close analyst calls held with 19 analysts between 25 March and 31 March, after which analyst reports were published and the share price fell by around 10% on 26 March.

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