International Forvis Mazars newsletters

Are you active internationally? Then international laws and regulations could also have an impact on your business. The Forvis Mazars Group publishes regularly on relevant developments in your field. Below you can read the publications.

Beyond the GAAP no. 191 - 2024

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The IASB continues to be very busy with standard-setting work around the topic of financial instruments, with redeliberations ongoing on the proposed amendments to the provisions on PPA and VPPA contracts, and the launch of a research project on amortised cost measurement. It has also begun new projects to clarify or improve some older standards, publishing an exposure draft to address application questions relating to the equity method (IAS 28) and launching another research project on the statement of cash flows (IAS 7).

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Beyond the GAAP no. 190 - 2024

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The Corporate Sustainability Due Diligence Directive (CSDDD) has now entered into force following its publication in the Official Journal of the European Union on 5 July 2024. It must be transposed into national law by 26 July 2026. This major new directive, which establishes a corporate due diligence duty, will apply to around 6,000 European companies and around 900 non-EU companies. In other European news, this summer’s publications include an EFRAG study on initial ESRS implementation practices, which welook at in detail in a feature in this issue.

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Beyond the GAAP no. 189 - 2024

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At the end of May 2024, 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.

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Beyond the GAAP no. 188 - 2024

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In May 2024, 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.

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Beyond the GAAP no. 187 - 2024

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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.

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Beyond the GAAP no. 186 - 2024

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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 IASB’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 provide our readers with a complete overview of the
content of the exposure draft, for which the comment period ended on
29 March 2024.

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Beyond the GAAP no. 185 - 2024

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At the end of 2023, we reported the publication of an IASB exposure draft of proposed amendments to IAS 32, IFRS 7 and IAS 1 on the classification of financial instruments with characteristics of equity (FICE). In this issue, we present the IASB's proposals on three of the topics covered by these amendments: how to account for rights and obligations arising from legal or regulatory requirements, instruments that are settled in the entity's own equity instruments and obligations requiring the entity to purchase its own equity instruments (including puts on non-controlling interests). These proposals are sure to prompt reactions from stakeholders.

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Beyond the GAAP no. 184 - 2024

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Last 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 (CSRD). Sector-specific standards in eight areas will nonetheless be published as soon as they are ready with respect to high-impact sectors. In January 2024, EFRAG also issued its proposals regarding an ESRS for listed SMEs and a voluntary standard for non-listed SMEs.

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Beyond the GAAP no. 183 - 2023 / 2024

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Happy New Year from everyone at Beyond the GAAP! The IASB work plan alone suggests that this new year will be a busy one on the accounting front. But the biggest new development in 2024 will be initial application of the European Sustainability Reporting Standards (ESRS), for the first companies falling within the scope of the Corporate Sustainability Reporting Directive (CSRD) – i.e. large undertakings that are public-interest entities and that have more than 500 employees, as per the Accounting Directive.

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Beyond the GAAP no. 182 - 2023 ENG

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As 2023 year-end closing approaches, we present our traditional overview of the IFRS Accounting Standards and IFRIC Interpretations recently published by the IASB, taking account of their endorsement process at European level. This includes the latest developments concerning the European Union's endorsement of the amendments to IAS 12 – Income Taxes relating to OECD Pillar Two and the amendments to IFRS 16 – Leases on lease liabilities arising from sale and leaseback transactions. The overview also indicates which texts are mandatory and which are optional for this reporting period.

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