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.
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.
Beyond the GAAP no.88 - April 2015
As expected, following the FASB decision to defer the mandatory effective date of Topic 606, the IASB has now followed in its wake. An exposure draft will shortly be published proposing to defer the effective date of IFRS 15 to 1 January 2018. These decisions are a consequence of the work conducted in the TRG on the implementation difficulties of these twin standards, which will result in the upcoming publication of proposed amendments.
Beyond the GAAP no.87 - March 2015
As rumoured over the past few weeks, the FASB is to publish a draft amendment proposing to defer the mandatory effective date of Topic 606, the US equivalent of IFRS 15. This decision will put pressure on the IASB to decide whether it will also defer the effective date.
Meanwhile, much discussion continues over potential amendments to the two standards.
Meanwhile, much discussion continues over potential amendments to the two standards.
Beyond the GAAP no.86 - February 2015
As we foresaw, the FASB and the IASB have decided to introduce amendments to their twin standards ASC 606 and IFRS 15 on revenue recognition. Although the amendments (and their due process) are likely to differ between the two Boards, the FASB taking a more prescriptive approach, they should not affect the principles of the standard, or the convergence achieved between the two accounting frameworks on the recognition of revenue.
Beyond the GAAP no.85 - January 2015
As 2015 gets under way, discussions on the application of IFRS 15 are in full swing! Many technical subjects have now
been discussed by the Joint Transition Resource Group, and already the idea of amending the standard as published has
made some headway, at least on the FASB side.
been discussed by the Joint Transition Resource Group, and already the idea of amending the standard as published has
made some headway, at least on the FASB side.
Beyond the GAAP no.83 - November 2014
The end of the year is fast approaching!
This is an opportunity for us to provide an update on the new texts that are of mandatory application for the 2014 reporting period, or which may be applied early.
This is an opportunity for us to provide an update on the new texts that are of mandatory application for the 2014 reporting period, or which may be applied early.
Beyond the GAAP no.84 - December 2014
While many businesses will spend 2015 working on the practical impact of the introduction of IFRS 15 and IFRS 9, the IASB has announced that other important publications will appear this year: the new draft conceptual framework should be available during the course of the first quarter, while the new standard on leases is expected at the end of the year.
Beyond the GAAP No 82 – October 2014
As entities begin to analyse the future impact of IFRS 15, the IASB and the FASB have published the report of the first meeting of the Transition Resource Group (TRG), charged with identifying any application problems that deserve the attention of the Boards. This is an opportunity for Beyond the GAAP to return to these discussions, and to the items on the agenda of the second meeting of the TRG.
Beyond the GAAP no.78 - May 2014
At last! Between the publication in December 2008 of the Discussion Paper on Revenue Recognition, and the arrival of IFRS 15 at the end of May 2014, nearly five and a half years have passed. During this period, two exposure drafts were published (June 2010 and November 2011), and it took 30 months’ work to move from the second exposure draft to the final joint standard with the US GAAP.
Beyond the GAAP No 79 – June 2014
At the beginning of the second half of 2014, it appears that some preparers have initiated an action plan to analyze
their contracts with customers in the light of IFRS 15.
Starting early this project will enable to identify practical implementation difficulties that deserve to be referred to
the Transition Resource Group, which held its first meeting on 18 July.
their contracts with customers in the light of IFRS 15.
Starting early this project will enable to identify practical implementation difficulties that deserve to be referred to
the Transition Resource Group, which held its first meeting on 18 July.