"Beyond the GAAP" Newsletters in English
You can read here our "Beyond the GAAP" Newsletters published by Forvis Mazars in English. The purpose of these newsletters is to keep readers informed of accounting developments.
Beyond the GAAP no. 207. - February 2026
On 26 February 2026, exactly one year after the European Commission adopted its “Omnibus I” package of measures to simplify sustainability reporting requirements, the “Content” directive has been published in the Official Journal of the European Union. This directive amends the CSRD on sustainability information to be provided by companies and the CSDDD on due diligence. The EU member states now have until 19 March 2027 to transpose these new rules into national law. This month, Forvis Mazars has published two guides aimed at helping EU and third-country organisations to understand the revised CSRD and its impacts (see European Highlights in this issue of Beyond the GAAP).
Beyond the GAAP no. 205. - December 2025
This month, regulatory developments in the field of sustainability were marked by the final adoption, by the European co-legislators, of a compromise text on the ‘Content’ Directive. This is part of the Omnibus I package, aimed at simplifying CSRD requirements on sustainability reporting and the CSDDD on due diligence.
Beyond the GAAP no. 204. - November 2025
This month, sustainability reporting has been the focus of much of the news. On 3 December, after several months of intense work involving all stakeholders, EFRAG submitted its technical advice on the revised draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC). The EC must now take this into account in order to produce a new delegated act on ESRS (“Set 2”), replacing the July 2023 act (“Set 1”), which remains applicable to wave 1 companies for the 2025 financial year.
Beyond the GAAP no. 203. - October 2025
As we approach year-end 2025, Beyond the GAAP presents our traditional summary of the IASB texts in force at 31 December 2025, as well as an overview of ESMA’s priorities for this year’s closing of accounts. Given the uncertainties arising from the current economic and geopolitical environment, the regulator emphasises the need for transparent communication on significant judgements and estimates, particularly as regards impairment testing of non-financial assets, recoverability of deferred tax assets, revenue recognition, valuation of inventories, restructuring, and assessment of credit risk.
Beyond the GAAP no. 202. - September 2025
This month, the IASB has discussed a number of projects: targeted amendments to IAS 37, the equity method, FICE (Financial Instruments with Characteristics of Equity), the statement of cash flows, and amortised cost measurement. It should also be noted that the new standard on the presentation of financial statements (IFRS 18), though not yet mandatory, is already under discussion: the IFRS Interpretations Committee (IFRS IC) has been asked to rule on the classification of exchange differences on intra-group loans and borrowings.
Beyond the GAAP no. 201. - July-August 2025
This summer has seen significant progress on the work to simplify European sustainability reporting standards through the Omnibus I package proposals.
Beyond the GAAP no. 200. - June 2025
The whole editorial team is extremely proud and delighted to announce that Forvis Mazars Partner Claire Dusser has been appointed by the IFRS Foundation as a new member of the IFRS Interpretations Committee (IFRS IC). She will serve a three-year term from 1 July 2025.
Beyond the GAAP no. 199. - May 2025
As we approach the half-yearly closing of accounts for 2025, Beyond the GAAP presents our traditional overview of the standards and interpretations published by the IASB, indicating where they are in the EU endorsement process. We highlight those texts that are now mandatory and those for which early application is permitted at this closing date.
Beyond the GAAP no. 198. - April 2025
Following the publication in the EU Official Journal of the ‘Stop the clock’ Directive on 16 April, European entities in “waves 2 and 3” are now certain that they will not have to publish sustainability information for the 2025 and 2026 financial reporting periods. The Directive must now be transposed before 31 December. Regarding the ongoing negotiations on the draft ‘Content’ Directive, the positions expressed in the Council and Parliament show, unsurprisingly, that it will not be easy to reach rapid agreement among co-legislators particularly on the scope of the CSRD.
Beyond the GAAP no. 197. - March 2025
On 3 April, the European Parliament approved the Commission’s proposed “Stop the clock” directive, which is being fast-tracked through the legislative process and will postpone mandatory sustainability reporting for wave 2 and 3 companies by two years. As it has already been endorsed by the EU Council, the directive is now expected to be published in the OJEU by late April or early May. Readers will remember that Member States will then have until 31 December to transpose the directive into national law.