Beyond the GAAP - May 2021

As is now traditional at this time of year, this issue of Beyond the GAAP presents a rundown of the new standards that are mandatory or permitted at the 30 June 2021 half-yearly closing.

Just like last year, preparers, auditors and regulators are waiting with bated breath for the
EU endorsement of the amendment to IFRS 16 – Leases on rent concessions. There is no question as to whether the EU will endorse the amendment, but this may happen only after the date when the financial statements are authorised for issue, which would once again leave it up to companies to decide whether to apply the amendment anyway (otherwise, an entity would be required to assess whether rent concessions are lease modifications, for lease payments originally due between 30 June 2021 and 30 June 2022).

In this month’s issue, we also present the key lessons to be learned from a study of a
sample of 26 European banks, which looks at the impacts of the public health crisis on
expected credit losses in IFRS consolidated financial statements as per 31 December 2020.

Enjoy your reading

Dingeman Manschot and Inge van Sloun


Beyond the GAAP may 2021