Beyond the GAAP no.190 - July - August 2024
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 we look at in detail in a feature in this issue.
On the financial reporting front, this summer saw the IASB publish multiple exposure drafts, including one that proposes illustrative examples of how to apply current IFRS to report the effects of climate-related and other uncertainties in financial statements. This proposal, which responds to significant stakeholder demand, will certainly give rise to interesting discussions over the coming months.
IFRS highlights:
- Improvements to IFRSs – Volume 11.
- Exposure draft Climate-related and Other Uncertainties in the Financial Statements.
- Exposure draft Translation to a Hyperinflationary Introduction Currency.
- Exposure draft proposing to amend IFRS 19.
- PiR IFRS 9, Phase 2 – Impairment: IASB work reaches a conclusion
- PiR IFRS 15 approaches completion
- Updated IPTF working document on hyperinflationary economies
- EFRAG delivers proposed XBRL Taxonomy for ESRS and Article 8 of Regulation (EU) 2020/852
The disclosures presented are not exhaustive as the IASB publications and its advisory bodies but intend to emphasize the main highlights.
We hope that this Forvis Mazars Newsletter will be useful, according to the reality and needs of each one, and enables to alert readers to the topics mentioned.
