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Since IFRS 18 was published in April 2024, preparations for its entry into force on 1 January 2027 have been gathering pace. The IASB has continued its work on clarifying certain points regarding application of the standard, as shown by its recent publication of targeted amendments to IAS 28 on the fair value option. However, many issues remain unresolved: the IFRS IC’s meeting agenda in June was...
As we approach the half-yearly closing of accounts for 2026, 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.
In April, the IASB and IFRS IC have continued their work on supporting the implementation of IFRS 18 from 2027 onwards, signing off four new agenda decisions – including an eagerly-awaited decision on the presentation of a foreign exchange difference from an intragroup monetary liability (or asset).
The IASB continues to update its accounting standards. Following the publication of IFRS 18 – Presentation and Disclosure in Financial Statements and IFRS 19 – Subsidiaries without Public Accountability, changes are coming for regulated activities with the publication, announced for the second quarter, of IFRS 20 – Regulatory Assets and Regulatory Liabilities.
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...
In January, the IASB approved updates to six agenda decisions of the IFRS IC, a move made necessary by the application of IFRS 18 as of 1 January 2027, which will replace IAS 1.
In December, 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.
In November, 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...
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,...
In September, the IASB 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...
This summer has seen significant progress on the work to simplify European sustainability reporting standards through the Omnibus I package proposals.
In June, the IASB has published a Request for Information (RFI) as part of its Post-implementation Review of IFRS 16 – Leases. This will assess whether the standard is generally functioning as expected and does not incur undue costs, and will identify any potential amendments to be made. The comment period is open until 15 October 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.
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...
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...
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...
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...
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