Beyond the GAAP no.201 - July l August 2025
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.
IFRS highlights:
- Amendments to IFRS 19 | Subsidiaries without public reporting obligations
- Publication of near-final examples of climate-related uncertainties in the financial statements
- IASB project on cash flow statements: new approaches
- IPTF publishes document for discussion on hyperinflationary economies
The disclosures presented are not exhaustive as the IASB publications and its advisory bodies but intend to emphasize the main highlights.
We hope that this Forvis Mazars Newsletter will be useful, according to the reality and needs of each one, and enables to alert readers to the topics mentioned.
