Beyond the GAAP - February 2022

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While February 2022 has seen very little drama on the corporate reporting front, the current situation in Ukraine provides a stark and appalling contrast. Although the situation is changing rapidly, companies that close their accounts after 24 February must start thinking now about the impacts of these events and of the first sanctions imposed on Russia. For those whose reporting period ended before 24 February but that have not yet authorised their financial statements for issue, a non-adjusting post-balance sheet event may need to be recorded in some cases.

As regards regulatory news for the month, progress continues to be made towards the development of sustainability reporting standards. The IFRS Foundation announced that it would make use of the possibilities offered by its Constitution to enable the ISSB to publish its first two standards by the end of the year. EFRAG is continuing with its transformation, while the PTF-ESRS has shared four new working papers relating to the future European Sustainability Reporting Standards. Further working papers are to be released as soon as they are ready, with a public consultation to be launched at the end of April or beginning of May, once the official Exposure Drafts are available.