Beyond the GAAP 136
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Newsletter „Beyond the GAAP“ 136
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Newsletter „Beyond the GAAP“ 136
September saw the publication of two long-awaited decisions by the IFRS Interpretations Committee (IFRS IC). One related to determination of the lessee’s incremental borrowing rate when applying IFRS 16, and the other to the classification and presentation of liabilities or assets related to uncertain tax positions. This therefore seemed the ideal time to present our study of information on the impacts of initial application of IFRIC 23 presented by a sample of French and European issuers (CAC 40 and Euro Stoxx 50) in their IFRS interim financial statements to 30 June 2019.
Conversion to international accounting standards
With the prevailing trend towards bringing the accounting in consolidated and separate financial statements into line, transitioning to IAS/IFRS is growing in importance. To enhance the clarity and efficiency of reporting, many companies are also opting to adapt their internal accounting to the principles of external financial reporting in accordance with IFRS.