Beyond the GAAP Newsletter
Each month you will find our Beyond the GAAP newsletter on International Financial Reporting Standards (IFRS).
Beyond the GAAP no.175 - March 2023
With the first requirements of the Corporate Sustainability Reporting Directive (CSRD) coming into effect as of 1 January 2024, a number of questions have arisen in the short term about the content of the European Sustainability Reporting Standards (ESRS) that companies must apply in this context. The European Commission (EC) has recently stated that it plans to reduce the reporting burden on companies by 25% by the autumn. This affects all reporting, not just sustainability information, but no further details have been provided to date on how this will be achieved.
Beyond the GAAP no. 174 – February 2023
At its monthly meeting in February 2023, the IASB continued its discussions on the Financial Instruments with Characteristics of Equity project (FICE) and reached a number of tentative decisions, which we discuss in detail in this issue. Readers will recall that this project, based on a discussion paper published in June 2018, is intended to clarify the principles of IAS 32, to address the issues of its practical application and to improve disclosures. The exposure draft is expected in the second half of 2023.
Beyond the GAAP no.173 - January 2023
With the Corporate Sustainability Reporting Directive (CSRD) coming into effect on 5 January 2023, EU countries can now begin the work of transposing it into national law. In practice, the member states have until 6 July 2024 to transpose the CSRD and to specify certain requirements of the new directive, which some large companies will have to apply from 1 January 2024.
Beyond the GAAP no.172 - December 2022
2023 is here! While there will probably still be a lot of news on the accounting front, there will certainly be even more on the European and international sustainability reporting front. Moreover, the European Commission is expected to adopt the delegated acts on cross-sector ESRS by 30 June 2023 at the latest.
Beyond the GAAP no.171 - November 2022
As the year 2022 draws to a close, we present our traditional overview of the new standards and amendments applicable at 31 December. Once again, no major new standards have been published this year, but disclosures are required on the impact of standards issued by the IASB but not yet effective, particularly for insurers in view of the entry into force of IFRS 17 on 1 January 2023.
Beyond the GAAP no.170 – October 2022
On 28 October, the EU’s financial markets regulator, ESMA, published its European Common Enforcement Priorities for the annual financial and non-financial reporting for 2022.
Beyond the GAAP no.169 – September 2022
In September, the IASB published amendments to IFRS 16 on leases to clarify the subsequent measurement of a lease liability arising from sale and leaseback transactions where the lease payments are variable and not dependent on an index or rate. As requested by stakeholders, the IASB has ultimately provided no clarification on how to measure the proportion of the seller-lessee's retained interest in the asset. In this issue of Beyond the GAAP, we present the details of this amendment, which has been expected for several months.
Beyond the GAAP no.168 - July August 2022
Beyond the GAAP no.167 - June 2022
On 22 June, the European Council and Parliament reached a provisional agreement on a revised version of the European Commission's initial proposal for a Corporate Sustainability Reporting Directive (CSRD), published in April 2021. This month, Beyond the GAAP presents the highlights of this provisional agreement so far, with the final text to be made public in a few days' time.
Beyond the GAAP no.166 - May 2022
As we approach the half-yearly closing of accounts, Beyond the GAAP presents a snapshot of the new standards and interpretations applicable from 1 January 2022 (both mandatory and optional). In addition to this overview, we bring you a summary of the ESMA recommendations published on 13 May. The European Securities and Markets Authority has identified the key issues to address in the interim financial statements in the context of Russia’s invasion of Ukraine. ESMA has also published specific recommendations on the forthcoming implementation of IFRS 17 – Insurance Contracts.