Beyond the GAAP - the monthly newsletter on financial and sustainability reporting
Each month, the newsletter Beyond the GAAP aims at keeping readers informed of financial and sustainability reporting developments.
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.
Beyond the GAAP no.196 - february 2025
On 26 February, the European Commission presented its simplification proposals as part of the first “Omnibus” package, aiming to reduce the administrative burden on companies, particularly due to the CSRD and the EU Taxonomy Regulation. These proposals mark the beginning of a long legislative process that could significantly shift corporate sustainability reporting by introducing new thresholds, a new implementation timeline, and new standards.
Beyond the GAAP no.195 - january 2025
As companies subject to the reporting requirements of the Corporate Sustainability Reporting Directive (CSRD) in 2025 prepare to publish their first sustainability statements in accordance with ESRS, the European Commission has published the “Competitiveness Compass” for the EU, its roadmap for the next five years. The Compass aims among other things to reduce the regulatory and administrative burden for companies. This “unprecedented simplification effort” should affect the CSRD, the Taxonomy Regulation and the Corporate Sustainability Due Diligence Directive (CSDDD). The related “Omnibus proposal” should be known on 26 February.
Beyond the GAAP no.194 - December 2024
The year 2024 concluded with the publication of targeted amendments to IFRS 9 and IFRS 7, aimed at contracts referencing nature-dependent electricity, often structured as PPAs (Power Purchase Agreements) or VPPAs (Virtual Power Purchase Agreements). These eagerly awaited amendments are detailed in this issue.
Beyond the GAAP no.193 - November 2024
As 2024 year-end closing approaches, Beyond the GAAP presents our traditional overview of the texts published by the IASB, taking account of their endorsement process at European level. We have identified those texts that are mandatory, as well as those that are optional at this year-end.
Beyond the GAAP no.192 - October 2024
With a few weeks to go until the 2024 year-end, the European market regulator, ESMA, has published its recommendations for 2024 reporting. These cover both IFRS financial reporting and the first ESRS sustainability statements. This issue includes special features on both sets of recommendations.
Beyond the GAAP no.191 - September 2024
The IASB continues to be very busy with standard-setting work around the topic of financial instruments, with redeliberations ongoing on the proposed amendments to the rules on PPA and VPPA contracts, and the launch of a research project on amortised cost measurement. It has also begun new projects to clarify or improve some older standards, publishing an exposure draft to address application questions relating to the equity method (IAS 28) and launching another research project on the statement of cash flows (IAS 7).
Beyond the GAAP no.190 - July - August 2024
The Corporate Sustainability Due Diligence Directive (CSDDD) has now entered into force following its publication in the Official Journal of the European Union on 5 July 2024. It must be transposed into national law by 26 July 2026. This major new directive, which establishes a corporate due diligence duty, will apply to around 6,000 European companies and around 900 non-EU companies. In other European news, this summer’s publications include an EFRAG study on initial ESRS implementation practices, which we look at in detail in a feature in this issue.