Beyond the GAAP newsletter
Each month, the newsletter Beyond the GAAP aims at keeping readers informed of financial and sustainability reporting developments.
Latest issues.
Beyond the GAAP No. 178 - June 2023
Almost seven months after EFRAG submitted the first drafts of the European Sustainability Reporting Standards (ESRS), and two months later than initially announced, the European Commission (EC) published the amended versions of these standards on 9 June via a draft delegated act. The uncertainties surrounding the nature of the changes introduced by the EC have now been resolved! In this issue, Beyond the GAAP presents the most significant changes to EFRAG's draft standards.
Beyond the GAAP No. 177 - May 2023
As the half-yearly reporting period draws to a close, Beyond the GAAP brings you the list of texts published by the IASB, including the IAS 12 amendments taking account of OECD's Pillar Two and the amendments to IAS 7 and IFRS 7 relating to supplier finance arrangements, both published this month. The list indicates whether these texts are mandatory or optional, depending on the progress of the European endorsement process.
Beyond the GAAP No. 176 - April 2023
Less than six months after launching the standard-setting project, the IASB seems well on the way to finalising the amendments to IAS 12 that will introduce a temporary exception to the recognition of deferred taxes resulting from the implementation of the OECD Pillar Two rules.
Beyond the GAAP No. 175 - March 2023
With the first requirements of the Corporate Sustainability Reporting Directive (CSRD) coming into effect from 1 January 2024, some questions have arisen in the short term regarding the content of the European Sustainability Reporting Standards (ESRS) that companies must apply in this context. The European Commission (EC) has recently stated that it plans to reduce the reporting burden on companies by 25% by the autumn. This covers all reporting, not solely sustainability information, but no further details have been provided as yet on how this will be achieved.
Beyond the GAAP No. 174 - February 2023
At its monthly meeting in February 2023, the IASB continued its discussions on the Financial Instruments with Characteristics of Equity project (FICE) and reached a number of tentative decisions, which we discuss in detail in this issue. Readers will recall that this project, based on a discussion paper published in June 2018, is intended to clarify the principles of IAS 32, to address the issues of its practical application and to improve disclosures. The exposure draft is expected in the second half of 2023.