Each month, the newsletter Beyond the GAAP aims at keeping readers informed of financial and sustainability reporting developments.
Beyond the GAAP No.142 - March 2020
This Mazars Newsletter aims to inform some topics that are being discussed among the different players in the audit and accounting profession regarding:
(i) international financial reporting standards (hereinafter referred to as IFRS), and given the current situation;
(ii) COVID-19 and all its challenges.
This Mazars Newsletter aims to inform some topics that are being discussed among the different players in the audit and accounting profession regarding:
(i) international financial reporting standards (hereinafter referred to as IFRS), and given the current situation;
(ii) COVID-19 and all its challenges.
This Mazars Newsletter aims to inform some topics that are being discussed among the different players in the audit and accounting profession regarding:
(i) international financial reporting standards (hereinafter referred to as IFRS), and given the current situation;
(ii) COVID-19 and all its challenges.
This Mazars Newsletter aims to inform some topics that are being discussed among the different players in the audit and accounting profession regarding:
(i) international financial reporting standards (hereinafter referred to as IFRS), and given the current situation;
(ii) COVID-19 and all its challenges.
As announced last month, the IASB has begun to publish a number of exposure drafts. With consultation deadlines phased from June to September, these will keep stakeholders busy throughout the summer.
The half-yearly financial statements stand between you and your well-earned summer break, so it may be worth taking a look at the IFRS IC’s agenda decisions on IFRS 15, IFRS 16 and cryptocurrencies. After that, you could take our crossword away with you - a light-hearted edition that brings the series to a close.
Following the summer break, IAS 12 – Income Taxes and IFRS 17 – Insurance Contracts are in the spotlight, with consultations on both from the IASB as well as a detailed Public Statement from ESMA, the European enforcer, on the former.
September saw the publication of two long-awaited decisions by the IFRS Interpretations Committee (IFRS IC). One related to determination of the lessee’s incremental borrowing rate when applying IFRS 16, and the other to the classification and presentation of liabilities or assets related to uncertain tax positions. This therefore seemed the ideal time to present our study of information on the impacts of initial application of IFRIC 23 presented by a sample of French and European issuers (CAC 40 and Euro Stoxx 50) in their IFRS interim financial statements to 30 June 2019.
As the end of the year approaches, we’ve reached the time when European enforcers publish their recommendations for year-end financial reporting. Unsurprisingly, the key recommendations from ESMA and the AMF (the French market regulator) focus on IFRS 16 – Leases, IFRS 15 – Revenue from Contracts with Customers, and IFRS 9 – Financial Instruments. In this issue, we review the topics highlighted by the enforcers in their published recommendations.
As 2019 draws to a close, we present our usual overview of applicable standards and interpretations, with IFRS 16 – Leases obviously being the key new standard for this year.