Beyond the GAAP - 2013 issues - Forvis Mazars

Beyond the GAAP - December 2013 issue

Under the IASB work plan, 2014 should see the conclusion of two major projects which were launched several years ago: revenue recognition and the impairment of financial assets. However, no publication timescale has been announced for the other two major topics, accounting for leases and insurance contracts. The work plan merely mentions ‘redeliberations’ on these subjects in the first quarter of 2014. The duration of the redeliberations on revenue recognition does, however, suggest that we should treat this timetable with great caution.

Beyond the GAAP - November 2013 issue

The 2013 annual statements are drawing near! As every year, we present the list of IFRS standards and interpretations applicable to this reporting date. We also invite you to take a close look at the AMF’s Recommendations and ESMA’s Enforcement priorities for 2013.

Beyond the GAAP - October 2013 issue

After 8 years of good and loyal service, Beyond the GAAP adopts the colours of the new Mazars visual identity. Although this new presentation has changed, you will find all the usual features in this edition. We will continue to provide a monthly summary of news about European and international accounting standards in a simple accessible manner and without bias.

Beyond the GAAP - September 2013 issue

The comment period on the Leases exposure draft ended on 13 September 2013. The comments received by the IASB and the FASB are far from unanimous, and many criticisms have been expressed on both sides of the Atlantic, some even challenging the model upheld by the Boards.

Beyond the GAAP - July-Aug. 2013 issue

The IASB and the FASB expect to publish their joint standard on revenue recognition by the end of this year. However, the mandatory effective date is not likely to be before 2017.

Beyond the GAAP - June 2013 issue

After the May publication of the 2nd leases exposure draft, another long-term project now sees re-publication: on 20 June the IASB and the FASB published their new proposals for insurance contracts. It looks likely to be a busy summer for commentators!

Beyond the GAAP - May 2013 issue

When in August 2010, the IASB and the FASB published a joint exposure draft on leases, they could have had no idea that they would have to re-expose their proposals three years later. This, however, is what they were forced to do on 16 May 2013, so generally hostile were responses to the initial draft, so complicated the redeliberations and so changeable the positions.

Beyond the GAAP - April 2013 issue

At a time when the American organisations are appointing new leaders to both the FASB and the SEC, the IASB is continuing its work, and expects to see an exceptional number of publications in 2013.
Key documents such as the second exposure draft on leases, or the exposure draft on insurance contracts, are due for publication before the end of June. The final standards on revenue recognition and hedge accounting should follow soon after.

Beyond the GAAP - March 2013 issue

The first quarter of 2013 is coming to a quiet close – and there is even a gleam of hope in sight! At the end of its March meeting, the IASB finally decided to remove the proposed interpretation on puts on non-controlling interests from its work plan, and to review the controversial elements of IAS 32 with a view to a potential amendment.

Beyond the GAAP - February 2013 issue

Two years and eight months elapsed between the publication of the first exposure draft on revenue recognition in June 2010 and the Boards’ final redeliberations on the major themes of the project. At the end of their February meeting, the FASB and the IASB announced that they had finished their redeliberations on the substantive themes of the November 2011 exposure draft.

Beyond the GAAP - January 2013 issue

As we move into the new year, many of us are wondering what will be the outcome of the debate over the correct accounting treatment of puts on non-controlling interests.