Newsletter "Beyond the GAAP" | Issue no. 201 (2025)
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Beyond the GAAP | Issue no. 201 (2025)
We invite you to read the latest edition of the "Beyond the GAAP" newsletter, prepared by Forvis Mazars experts. Each month, we provide up-to-date information on changes in financial and sustainability reporting – enriched with expert commentary and practical context.
Key highlights in this edition:
This summer has seen significant progress on the work to simplify European sustainability reporting standards through the Omnibus I package proposals.
In terms of Taxonomy, the European Commission's work culminated in the publication on 4 July of a new Delegated Regulation that will apply as from the 2025 reporting published in 2026 and which is awaiting publication in the Official Journal of the EU.
On the ESRS side, EFRAG's work to revise these standards led to the 31 July publication of exposure drafts issued for comment as part of a public consultation open until 29 September. EFRAG's proposals are aimed at significantly reducing the number of data points and the complexity of the standards with a view to a corresponding reduction in the burden of compliance. Pending the actual implementation of the revised ESRS, on 11 July the Commission adopted a ‘quick fix’ Regulation amending Set 1 in order to offer some reliefs to Wave 1 entities from the 2025 reporting.
Turning to IFRS accounting standards, the IFRS Foundation published near-final illustrative examples on 24 July showing how to improve the presentation of climate-related uncertainties in the financial statements.
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