Beyond the GAAP Newsletter
Each month you will find our Beyond the GAAP newsletter on International Financial Reporting Standards (IFRS).
Beyond the GAAP no.169 – September 2022
In September, the IASB published amendments to IFRS 16 on leases to clarify the subsequent measurement of a lease liability arising from sale and leaseback transactions where the lease payments are variable and not dependent on an index or rate. As requested by stakeholders, the IASB has ultimately provided no clarification on how to measure the proportion of the seller-lessee's retained interest in the asset. In this issue of Beyond the GAAP, we present the details of this amendment, which has been expected for several months.
Beyond the GAAP no.168 - July August 2022
Beyond the GAAP no.167 - June 2022
On 22 June, the European Council and Parliament reached a provisional agreement on a revised version of the European Commission's initial proposal for a Corporate Sustainability Reporting Directive (CSRD), published in April 2021. This month, Beyond the GAAP presents the highlights of this provisional agreement so far, with the final text to be made public in a few days' time.
Beyond the GAAP no.166 - May 2022
As we approach the half-yearly closing of accounts, Beyond the GAAP presents a snapshot of the new standards and interpretations applicable from 1 January 2022 (both mandatory and optional). In addition to this overview, we bring you a summary of the ESMA recommendations published on 13 May. The European Securities and Markets Authority has identified the key issues to address in the interim financial statements in the context of Russia’s invasion of Ukraine. ESMA has also published specific recommendations on the forthcoming implementation of IFRS 17 – Insurance Contracts.
Beyond the GAAP no.165 - April 2022
As reported in the march edition, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 to their Turkish operations for all financial periods that include 1 April 2022, notably the interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply.
Beyond the GAAP no.164 - March 2022
With the war in Ukraine raging for over a month now, it is time for companies to assess the impact of the crisis on their financial statements – though obviously, not all companies will have the same level of exposure. While market regulators and national authorities have already published statements drawing entities’ attention to their duty of transparency in disclosures, there are certain issues where clarification is needed. We provide some answers in this issue.
Beyond the GAAP no.163 - February 2022
While February 2022 has seen limited dramatic events on the corporate reporting front, the situation in Ukraine today provides a shocking and frightening contrast. Although the situation is evolving rapidly, companies closing their accounts after 24 February should start thinking now about the impacts of these events and the first sanctions imposed on Russia. For those whose reporting period ended before 24 February, but who have not yet cleared their financial statements for publication, it may be necessary in some cases to record a non-adjusting post balance sheet event.
Beyond the GAAP no.162 - January 2022
Beyond the GAAP has been reporting on regulatory developments and ongoing projects of standard setters for many years with the aim of offering readers a relevant and effective watch on accounting news. The adoption of IFRS by the European Union in the early 2000s, and the constant evolution of these standards since then, have formed the basis of our monthly newsletter over the past issues.
Beyond the GAAP no.161 - December 2021
2022 is here! the Beyond the GAAP editorial team would like to wish you all the best for the coming year! We expect another busy year in terms of accounting news, with a major development being the expected completion of the Primary Financial Statements project. However, the key focus of the year is likely to be the development of sustainability reporting standards.
Beyond the GAAP no.160 - November 2021
As 2021 draws to a close, we present our traditional year-end overview of the new standards and amendments applicable at 31 December. Once again, no major new standards have been published this year, but important information for insurers: the European Union has finally adopted IFRS 17 (with some tweaks) and it will come into effect from 1 January 2023. Early application is permitted.