Beyond the GAAP no.163 - February 2022
While February 2022 has seen very little drama on the corporate reporting front, the current situation in Ukraine provides a stark and appalling contrast.
Although the situation is changing rapidly, companies that close their accounts after 24 February must start thinking now about the impacts of these events and of the first sanctions imposed on Russia. For those whose reporting period ended before 24 February but that have not yet authorised their financial statements for issue, a non-adjusting post-balance sheet event may need to be recorded in some cases.
IFRS highlights:
- PiR of IFRS 10, 11 and 12 now complete.
- Redeliberations continue on Primary Financial Statements project.
- ASAF membership for 2022-2024: ASAF is an advisory board whose remit is to improve communication between the IASB and the major national and regional standard-setters.
- Future European sustainability reporting standards: PTF-ESRS | Project Task Force on European Sustainability Reporting Standards publishes new working papers.
The disclosures presented are not exhaustive as the IASB publications and its advisory bodies but intend to emphasize the main highlights.
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