Forvis Mazars Regional and Local Publication and Brochures.

Following the publication of the first annual consolidated IFRS financial statements applying IFRS 15, we examined the financial reporting (financial statements and other elements of financial communication) of a sample of 70 European groups at 31 December 2018. This has enabled us to identify the key lessons to be learned on some of the major issues relating to disclosures required in the notes.

Just a few days ahead of the mandatory effective date of IFRS 16 – Leases, Mazars has attempted to see how far the information reported by issuers in their June 2018 interim financial statements had changed in comparison with the information reported in 2017 year-end financial statements on the progress towards the introduction of this standard and its expected impacts.

Far from revolutionising the IFRS landscape, the new Conceptual Framework clarifies, redefines and supplements the existing version, re-examining the argument in the light of the fundamental characteristics of the financial statements and cost-benefit constraints.

On 3 January 2018, the Cabinet approved a draft transfer-pricing law which has been considered and commented on by the Council of State, and passed in a public hearing held by the Revenue Department. However, the draft transfer-pricing law is not yet in effect, but must still be submitted to the National Legislative Assembly for the legislative process.

IFRS 15: how has financial reporting changed since 31 December 2016?