Beyond the GAAP no. 191 - 2024

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).

Things are a little quieter on the sustainability reporting front, although the European Commission has recently published other corrigenda to the Delegated Regulation on ESRS Set 1 in the Official Journal of the European Union (OJEU). They make significant language improvements to some translations into EU official languages like French or German, without changing the substance of the regulation. Furthermore, at the international level, consideration of social issues is gathering force with the creation of a dedicated taskforce bringing together around 20 organisations from the public, private and third sectors, with the aim of contributing to improved sustainability reporting standards.