Beyond the GAAP - the monthly newsletter on financial and sustainability reporting
Each month, the newsletter Beyond the GAAP aims at keeping readers informed of financial and sustainability reporting developments.
This newsletter is available in English only.
This newsletter is available in English only.
Beyond the GAAP no.98 - March 2016
The IASB has published amendments to IFRS 15 – Revenue from Contracts with Customers, which will have the same effective date as the standard itself, i.e. 1 January 2015. They emerge from the discussions of the Transition Research Group (TRG), which was set up jointly by the IASB and FASB to work on issues relating to implementation of the standard.
Beyond the GAAP no. 97 - February 2016
Just over a month after the IASB published IFRS 16 – Leases, the FASB has published its own, broadly equivalent, standard. There is still one major difference between the two frameworks, namely the timing of recognition of the total lease expense (the FASB has opted for straight-line recognition for operating leases). However, the rules are the same as regards the principle of recognition in the balance sheet, the definition of a lease, determining the lease term, and the accounting treatment of variable lease payments.
Beyond the GAAP no.96 - January 2016
The long-awaited (but not necessarily hoped-for) publication of IFRS 16 on 13 January was accompanied by a number of educational tools designed to facilitate understanding of the standard and of the issues at stake: Project Summary and Feedback Statement, Effects Analysis, Webcast, Video: Introducing the new Leases Standard, Investor Perspectives A New Lease of Life.
Beyond the GAAP no.95 - December 2015
As this issue goes to press, the IASB has just published the final version of the IFRS 16 – Leases standard. Originally scheduled for publication in time for Christmas, it turned out to be more of a New Year’s gift. Now it is finally here, issuers need to start preparing to recognise operating leases in the balance sheet from 2019 onwards.
Beyond the GAAP no.94 - November 2015
The end of the year is approaching rapidly!
This means it is time for us to provide our yearly overview of the small number of standards and amendments that are mandatory for the 2015 financial period, as well as those for which early application is permitted.
This means it is time for us to provide our yearly overview of the small number of standards and amendments that are mandatory for the 2015 financial period, as well as those for which early application is permitted.
Beyond the GAAP no.93 - October 2015
As autumn comes around again, it is time for ESMA’s annual publication on its priorities for 2015 financial statements. This year it is focusing on two key topics: the impact of financial market conditions (interest rates, commodities prices, country-specific risks) on issuers’ financial situation, and the statement of cash flows, which is key to understanding and assessing issuers’ performance.
Beyond the GAAP no. 92 - September 2015
By the end of the month, the IASB will have received the comment letters on its proposals for clarifying IFRS 15. Although they arise out of the work of the Joint Transition Resource Group (TRG), the amendments put forward by the IASB differ from those proposed by the FASB in its own consultation documents. So the desire of the two boards to develop twin standards has not managed to overcome the difference of philosophy between IFRS and US GAAP. During this ‘pre-interpretation’ phase, the FASB has made clear its appetite for a ‘rule-based’ approach. Leopards don’t change their spots.
Beyond the GAAP no. 91 - July-August 2015
Beyond the GAAP no. 90 - June 2015
The IASB is making progress with its proposed amendments to IFRS 15, following on from the work of the Transition Resource Group.
Beyond the GAAP no. 89 - May 2015
As scheduled, the IASB has published its exposure draft, proposing a one-year deferral of the mandatory effective date of IFRS 15. This exposure draft is to be followed by a second, scheduled for July, proposing amendments to the standard (in the form of clarifications and additional examples) ensuing from the work of the TRG. Although further TRG meetings are scheduled, the IASB is not planning to make any further amendments.