The Spanish Securities Commission has set its supervisory priorities for the 2026 annual accounts and sustainability reports of issuers whose securities trade on regulated markets. The review will focus on material disclosures about the expected effects of International Financial Reporting Standard 18 and on clear, consistent descriptions of issuers’ business models and value chains. The 2026 annual reports will be the last before IFRS 18 takes effect in 2027. By the end of 2026, entities should have substantially completed their implementation analysis because comparative income statement figures will need to be restated in their 2027 reports. Where material, issuers are expected to explain anticipated changes to income statement structure and margins, planned management performance measures and any effects on existing alternative performance measures. For sustainability reporting, issuers should describe the group’s activities and business environment, the main stages and activities of its value chain, and the roles of both the issuer’s own operations and relevant third parties. The business model description should be internally consistent and aligned with information in the financial statement notes and other parts of the management report.
Spanish Securities Commission sets 2026 issuer reporting priorities on IFRS 18 and sustainability disclosures
The Spanish Securities Commission will prioritize IFRS 18 implementation disclosures and business model and value chain reporting in its supervision of issuers’ 2026 reports. Issuers should explain material effects on income statement presentation and performance measures before IFRS 18 takes effect in 2027. Sustainability disclosures should clearly describe the business model and value chain and remain consistent with other corporate reporting.