Beyond the GAAP Newsletter
Each month you will find our Beyond the GAAP newsletter on International Financial Reporting Standards (IFRS).
Doctrine n°202 - Octobre 2023
À la fin d'octobre, l'Autorité européenne des marchés financiers (ESMA) a dévoilé ses priorités communes au niveau européen en prévision de l'établissement des comptes pour l'année 2023. Peu de temps après, l'Autorité des marchés financiers française (AMF) a publié ses recommandations, largement fondées sur celles de l'ESMA.
Beyond the GAAP no.180 - September 2023
In mid-September, the European Commission (EC) launched a consultation on a draft delegated act that proposes to increase by 25% the size criteria set out in the Accounting Directive to classify undertakings and groups into different categories (micro, small, medium and large), in order to reflect inflation over the past ten years.
Beyond the GAAP no.179 - July - August 2023
On 31 July, only three weeks after the end of the public consultation on the draft delegated act, but a month behind the schedule set by the Corporate Sustainability Reporting Directive (CSRD), the European Commission adopted the final regulation on the first set of European Sustainability Reporting Standards (ESRS), after making a few last-minute changes based on the responses (more than 600) received.
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. The IASB acknowledged the timely and helpful feedback from stakeholders on its proposed amendments and, at the end of a supplementary meeting dedicated to the project, finally elected to simplify the disclosure requirements compared with its initial proposal. This was arguably the most practical solution to ensure rapid finalisation of the amendments, which was important to all stakeholders.
Beyond the GAAP no.175 - March 2023
With the first requirements of the Corporate Sustainability Reporting Directive (CSRD) coming into effect as of 1 January 2024, a number of questions have arisen in the short term about 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 affects all reporting, not just sustainability information, but no further details have been provided to date 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.
Beyond the GAAP no.173 - January 2023
With the Corporate Sustainability Reporting Directive (CSRD) coming into effect on 5 January 2023, EU countries can now begin the work of transposing it into national law. In practice, the member states have until 6 July 2024 to transpose the CSRD and to specify certain requirements of the new directive, which some large companies will have to apply from 1 January 2024.
Beyond the GAAP no.172 - December 2022
2023 is here! While there will probably still be a lot of news on the accounting front, there will certainly be even more on the European and international sustainability reporting front. Moreover, the European Commission is expected to adopt the delegated acts on cross-sector ESRS by 30 June 2023 at the latest.