The Spanish Securities Commission (CNMV) published its annual report on financial reporting supervision, summarising its review work on the 2023 annual accounts of 132 issuers admitted to trading on regulated markets. It also sets out the priority areas for reviewing 2024 annual accounts, including a focus on liquidity risk and on significant accounting policies, judgements and estimates. All annual financial reports received were subject to a formal compliance review, with an in-depth substantive review performed on a selected set of audited accounts. During 2024, the CNMV issued formal requirements to two entities for formal issues, requested additional information from 30 issuers mainly on recognition and measurement policies (24 entities) and expanded disclosures in annual financial reports (27 entities), and issued recommendations to 18 entities for consideration in future accounts; it also contacted 14 companies on Alternative Performance Measures and 30 on European Single Electronic Format matters. Two issuers will restate figures as at 31 December 2023 in subsequent financial reports, and targeted 2024 thematic work led to additional information requests for 71.4% of the sample reviewed on investment property fair value disclosures and for 5.3% of entities reviewed on disclosures of fair value for financial instruments measured at amortised cost; priorities for the 2024 accounts review also include common errors in European Single Electronic Format tagging and ensuring consistency between financial information and sustainability information.

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