Beyond the GAAP no.187 – April 2024
On 9 April 2024, the IASB published IFRS 18 – Presentation and Disclosure in Financial Statements, the new standard that will replace the current IAS 1 –Presentation of Financial Statements. This standard, the culmination of the Primary Financial Statements (PFS) project initiated in 2015, aims to improve the comparability, quality and transparency of financial information for users of financial statements. It will apply retrospectively to reporting periods beginning on or after 1 January 2027 at the latest (subject to endorsement by the European Union, earlier application will be possible). Given the structural changes it introduces, we believe it is important to pay immediate attention to this new standard in order to anticipate the necessary changes to internal systems and processes for producing financial statements and, perhaps, to rethink the way in which financial performance is reported.
| On 24 April 2024, the European Parliament endorsed the text of the future Corporate Sustainability Due Diligence Directive (CSDDD), which imposes due diligence processes on entities. This text supplements those already published as part of the 2019 Green Deal for Europe (which aims to make the EU the first climate-neutral continent by 2050). The future CSDDD must now be approved by the Council, after which Member States will have two years to transpose it into national law. This major new regulation for businesses will be examined in more detail in this issue. |
Our support
We do trust the above points are notable and sufficient, but should you have any questions or need a deeper discussion on this issue, please do not hesitate to contact us.
| Download the issue in the PDF extension in English as below. |
Contacts
Huyen Nguyen Managing Partner, Head of Outsourcing
Beyond the GAAP no.186 - March 2024
In last month’s issue, we looked at the three main topics covered by the draft amendments to IAS 32, IFRS 7 and IAS 1, as set out in the Financial Instruments with Characteristics of Equity (FICE) exposure draft. In this issue, we present the Board’s proposals on the other seven topics, including contingent settlement provisions, shareholder decisions and reclassification of financial instruments...
Beyond the GAAP No. 185 - Feb 2024
Last November, we reported the publication of an IASB exposure draft of proposed amendments to IAS 32, IFRS 7 and IFRS 1 on the classification of financial instruments with characteristics of equity (“FICE”). In this issue, we present the IASB's proposals on three of the topics covered by these amendments: how to account for rights and obligations arising from legal or regulatory requirements, instruments...
Beyond the GAAP No. 184 - January 2024
This month, sustainability reporting has again dominated the news, with the provisional agreement from the European Parliament to delay Commission adoption of the next sets of ESRS (namely sector-specific ESRS and ESRS for non-EU groups) by two years, i.e. by 30 June 2026 instead of 30 June 2024 as initially indicated in the Corporate Sustainability Reporting Directive. Sector-specific standards in...