Beyond the GAAP Newsletter
Each month you will find our Beyond the GAAP newsletter on International Financial Reporting Standards (IFRS).
Beyond the GAAP no.165 - April 2022
As reported in the march edition, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 to their Turkish operations for all financial periods that include 1 April 2022, notably the interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply.
Beyond the GAAP no.164 - March 2022
With the war in Ukraine raging for over a month now, it is time for companies to assess the impact of the crisis on their financial statements – though obviously, not all companies will have the same level of exposure. While market regulators and national authorities have already published statements drawing entities’ attention to their duty of transparency in disclosures, there are certain issues where clarification is needed. We provide some answers in this issue.
Beyond the GAAP no.163 - February 2022
While February 2022 has seen limited dramatic events on the corporate reporting front, the situation in Ukraine today provides a shocking and frightening contrast. Although the situation is evolving rapidly, companies closing their accounts after 24 February should start thinking now about the impacts of these events and the first sanctions imposed on Russia. For those whose reporting period ended before 24 February, but who have not yet cleared their financial statements for publication, it may be necessary in some cases to record a non-adjusting post balance sheet event.
Beyond the GAAP no.162 - January 2022
Beyond the GAAP has been reporting on regulatory developments and ongoing projects of standard setters for many years with the aim of offering readers a relevant and effective watch on accounting news. The adoption of IFRS by the European Union in the early 2000s, and the constant evolution of these standards since then, have formed the basis of our monthly newsletter over the past issues.
Beyond the GAAP no.161 - December 2021
2022 is here! the Beyond the GAAP editorial team would like to wish you all the best for the coming year! We expect another busy year in terms of accounting news, with a major development being the expected completion of the Primary Financial Statements project. However, the key focus of the year is likely to be the development of sustainability reporting standards.
Beyond the GAAP no.160 - November 2021
As 2021 draws to a close, we present our traditional year-end overview of the new standards and amendments applicable at 31 December. Once again, no major new standards have been published this year, but important information for insurers: the European Union has finally adopted IFRS 17 (with some tweaks) and it will come into effect from 1 January 2023. Early application is permitted.
Beyond the GAAP no.159 - October 2021
At the end of October, the European Securities and Markets Authority (ESMA) published its common priorities at European level for the 2021 reporting period.
Beyond the GAAP no.158 - September 2021
While many were waiting, sometimes apprehensively, for the IASB's (tentative) decision on the reintroduction of goodwill amortisation, the Board held off at its September meeting, asking the staff to conduct further research on the subsequent accounting for goodwill.
Beyond the GAAP no.157 - July & August 2021
In mid-July, the European adoption process for IFRS 17 took a big step forward when the Accounting Regulatory Committee voted to endorse the new standard. EU endorsement is now expected in the fourth quarter of 2021.
Beyond the GAAP no.156 - June 2021
At the end of June, Hans Hoogervorst, Chair of the International Accounting Standards Board, has stepped down after a 10-year tenure. Andreas Barckow, who has previously served on several IFRS Foundation advisory bodies, has taken over for a first mandate as head of the IASB as of 1 July.