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Beyond the GAAP - June 2022
On 22 June 2022, and after political negotiations, the European Council and Parliament reached a provisional agreement on a slightly revised version of the European Commission's initial proposal for a Corporate Sustainability Reporting Directive (CSRD), published in April 2021. In this issue, Beyond the GAAP presents the highlights of this provisional agreement so far, bearing in mind that the final text is due to be published in a few days’ or weeks’ time.
Beyond the GAAP - May 2022
As we approach the half-yearly closing of accounts, Beyond the GAAP presents a snapshot of the new standards and interpretations applicable from 1 January 2022 (both mandatory and optional). In addition to this overview, we bring you a summary of the ESMA recommendations published on 13 May2022. The European Securities and Markets Authority (ESMA) has identified the key issues to address in the interim financial statements in the context of Russia’s invasion of Ukraine. ESMA has also published specific recommendations on the forthcoming implementation of IFRS 17 – Insurance Contracts.
Beyond the GAAP - April 2022
As reported in our previous issue, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 – Financial Reporting in Hyperinflationary Economies to their Turkish operations for all financial periods that include 1 April 2022, in particular the interim financial statements to 30 June 2022. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply.
Beyond the GAAP - March 2022
With the war in Ukraine raging for over a month now, it is time for companies to assess the impact of the crisis on their financial statements – though obviously, not all companies will have the same level of exposure. Whilemarket regulators and national authorities have already published statements drawing entities’ attention to their duty of transparency in disclosures, there are certain issues where clarification is needed. We provide some answers in this issue.
Beyond the GAAP - February 2022
While February 2022 has seen very little drama on the corporate reporting front, the current situation in Ukraine provides a stark and appalling contrast. Although the situation is changing rapidly, companies that close their accounts after 24 February must start thinking now about the impacts of these events and of the first sanctions imposed on Russia. For those whose reporting period ended before 24 February but that have not yet authorised their financial statements for issue, a non-adjusting post-balance sheet event may need to be disclosed in some cases.
Beyond the GAAP - January 2022
For many years, Beyond the GAAP has been presenting regulatory changes and the standard-setters’ ongoing projects in order to provide readers with a relevant and effective watch on accounting news. The adoption of IFRSs by the European Union in the early 2000s, and the constant evolution of these standards since then, have been the basis of our monthly newsletter over the course of our 161 previous issues.
Beyond the GAAP - December 2021
The Beyond the GAAP editorial team would like to wish you all the best for the coming year! We expect another busy year in terms of accounting news, with an obvious major development being the expected completion of the Primary Financial Statements project. However, the key focus of the year is likely to be the development of sustainability reporting standards.
Beyond the GAAP - November 2021
As 2021 approaches its close, we present our traditional year-end overview of the new standards and amendments applicable at 31 December 2021. Once again, no major new standards have been published this year, but insurers should take note: the European Union has finally adopted IFRS 17 (with some tweaks) and it will come into effect from 1 January 2023. Early application is permitted.
Beyond the GAAP - October 2021
At the end of October 2021, the European Securities and Markets Authority (ESMA) published its common priorities at European level for the 2021 reporting period.
Beyond the GAAP - September 2021
While many were waiting, sometimes apprehensively, for the IASB's (tentative) decision on the reintroduction of goodwill amortisation, the IASB held off at its September 2021 meeting, asking the staff to conduct further research on the subsequent accounting for goodwill.