The European Securities and Markets Authority has called for greater transparency and convergence in accounting for sovereign debt exposures, after finding that methods for calculating the value of Greek debt varied widely in half year financial statements.

Esma published a report this morning titled 'Sovereign Debt in IFRS Financial Statements', in which the regulatory body stressed the need "for transparency and the importance of appropriate and consistent application of the recognition, measurement and disclosure principles provided for in IFRS".