Beyond the GAAP Newsletter
Each month you will find our Beyond the GAAP newsletter on International Financial Reporting Standards (IFRS).
Beyond the GAAP no. 193 – November 2024
Beyond the GAAP no. 192 – October 2024
Beyond the GAAP no. 191 – September 2024
Beyond the GAAP no.190 - July-August 2024
Beyond the GAAP no.189 - June 2024
At the end of May, the IASB published amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments, which are mandatory for financial periods commencing on or after 1 January 2026. In this issue, we look in detail at the content of these amendments, which introduce some changes and clarifications relating to financial liabilities settled using an electronic payment system, financial assets with contingent payment features, financial assets with non-recourse features, and contractually linked financial assets. They also require additional disclosures to be presented in the notes.
Beyond the GAAP no.188 - May 2024
In May, EFRAG issued some important documents to support large entities that are required to publish a sustainability statement under ESRS. EFRAG had first issued a compilation of explanations provided to stakeholders in response to questions posed on the Q&A platform opened last October. In addition to reproducing some of the answers already published, this compilation includes 44 new explanations on sometimes sensitive technical issues, such as how to determine the metrics required by ESRS.
Beyond the GAAP no.187 - April 2024
On 9 April 2024, the IASB published IFRS 18 – Presentation and Disclosure in Financial Statements, the new standard that will replace the current IAS 1 –Presentation of Financial Statements. This standard, the culmination of the Primary Financial Statements (PFS) project initiated in 2015, aims to improve the comparability, quality and transparency of financial information for users of financial statements. It will apply retrospectively to reporting periods beginning on or after 1 January 2027 at the latest (subject to endorsement by the European Union, earlier application will be possible). Given the structural changes it introduces, we believe it is important to pay immediate attention to this new standard in order to anticipate the necessary changes to internal systems and processes for producing financial statements and, perhaps, to rethink the way in which financial performance is reported.
Beyond the GAAP no.186 - March 2024
In last month’s issue, we looked at the three main topics covered by the draft amendments to IAS 32, IFRS 7 and IAS 1, as set out in the Financial Instruments with Characteristics of Equity (FICE) exposure draft. In this issue, we present the Board’s proposals on the other seven topics, including contingent settlement provisions, shareholder decisions and reclassification of financial instruments between financial liabilities and equity instruments. These two feature articles will provide our readers with a complete overview of the content of the exposure draft, for which the comment period ended on 29 March 2024.
Beyond the GAAP no.185 - February 2024
Last November, we reported the publication of an IASB exposure draft of proposed amendments to IAS 32, IFRS 7 and IFRS 1 on the classification of financial instruments with characteristics of equity (“FICE”).
Beyond the GAAP no.184 - January 2024
This month, sustainability reporting has again dominated the news, with the provisional agreement from the European Parliament to delay Commission adoption of the next sets of ESRS (namely sector-specific ESRS and ESRS for non-EU groups) by two years, i.e. by 30 June 2026 instead of 30 June 2024 as initially indicated in the Corporate Sustainability Reporting Directive.