Financial reporting enforcement
Last published: 12 March 2025
In 2024, Finanstilsynet gave priority to controlling how companies report on climate-related and macroeconomic matters in their annual financial statements. Taxonomy reporting was an area of focus in the control of sustainability reporting. Finanstilsynet's control revealed several weaknesses in the reporting.
Facts about financial reporting
Finanstilsynet oversees the financial reporting of issuers of transferable securities with Norway as their home state that have been admitted to or for which admission to listing has been requested on a regulated market in the EEA. The review covers financial reporting and sustainability reporting.
At year-end 2024, 277 companies were subject to financial reporting enforcement, of which 36 were foreign. 210 were issuers of shares or equity certificates. 47 issuers of shares or equity certificates also issued bonds listed on Oslo Børs. At year-end 2024, 67 issuers had only bonds listed on Oslo Børs. During the year, 11 issuers of shares and equity certificates were listed on Oslo Børs, while 14 share issuers were delisted.
Financial reporting enforcement in 2024
In 2024, control of how companies report on climate-related and macroeconomic matters in their annual financial statements was among Finanstilsynet’s key priorities. Taxonomy was an area of focus in the control of sustainability reporting.
Finanstilsynet selects entities for review based on signals received, risk assessments or whether a long time has passed since a company was last reviewed. Risk assessments rely partly on data reported by the companies.
Review activities
In 2024, Finanstilsynet reviewed all or parts of the annual or interim financial statements of 25 entities. Particular attention was focused on issuers of shares and equity certificates, but also on some bond issuers. 11 companies were subject to closer monitoring. Ten of these cases have yet to be finalised. In addition, six cases from previous years were brought to completion.
Finanstilsynet reviewed 15 non-financial corporations’ taxonomy reporting for 2023 and conducted an overall review of all non-financial corporations covered by the regulations as at 31 December 2023.
All inspection reports have been published on Finanstilsynet's website.
Other administrative matters
Finanstilsynet issued administrative fines to four companies in 2024 for late publication of annual financial reports.
In October 2024, Finanstilsynet published an overview of deficiencies in listed companies’ annual financial reports. These included failure to publish a statement of responsibility or corporate governance report and errors in relation to the requirements for the electronic reporting format (ESEF).
There was a reduction in the number of companies that failed to meet the content requirements in their annual financial report for 2023 compared with the 2022 report. Finanstilsynet notes that the companies still need to familiarise themselves with the formal requirements for the electronic reporting formats, including the requirements for marking up IFRS consolidated financial statements.
Regulatory development
In 2022, the Ministry of Finance decided to authorise Finanstilsynet to establish Norwegian regulations on simplified IFRS. In 2024, Finanstilsynet circulated a proposal for consultation concerning certain changes and clarifications, including to the scope of the regulations. Following the consultation, the changes were adopted by Finanstilsynet in December. Finanstilsynet also prepared a proposal for regulatory amendments reflecting changes in the Accounting Act on sustainability reporting circulated for consultation by the Ministry of Finance.