Beyond the GAAP
Mazars’ newsletter on accounting standards.
Keep up to date with international accounting with the English edition of Mazars’ Newsletter on accounting standards entitled!
Beyond the GAAP no.150 - December 2020
As we move into the new year, the Beyond the GAAP editorial team would like to wish you all the best for 2021: here’s hoping that the health crisis will soon be over...
Beyond the GAAP - No.149 - November 2020
While 2020 has required a lot of work on the accounting impacts of the public health crisis, it should also be noted that most companies are now done with the upheaval resulting from the implementation of new standards (although IFRS 16 remains an enforcement priority at 31 December).
Beyond the GAAP - No.148 - October 2020
Since the beginning, our mission for Beyond the GAAP has been to keep you informed of accounting developments and to provide clarification and insight, in an environment where changes to accounting frameworks and regulators’ activities require constant vigilance from businesses and their auditors.
Beyond the GAAP - No.147 - September 2020
Now that the pace of accounting standardisation has slowed down a little, and pending the IASB’s feedback (expected by the end of the year) on the 200-odd comment letters received in response to the exposure draft on the presentation of financial statements, this month’s edition of Beyond the GAAP turns to news about the non-financial reporting in relation with environmental, social and governance indicators (ESG).
Beyond the GAAP - No.146 - July & August 2020
Unsurprisingly, the financial statements at 30 June 2020 that have been published to date reflect the significant impact of the COVID-19 crisis on companies’ financial positions. Given that the outlook for the second half of 2020 is still uncertain in many cases, issuers in particular will (unfortunately) need to draw once again on the guidance from standard-setters, regulators and the accounting profession issued to deal with the consequences of the crisis on the financial information.
Beyond the GAAP - No.145 - June 2020
In contrast to the three previous issues, Beyond the GAAP is back to its traditional format this month, with no COVID-19 supplement. Things are getting back to normal as regards accountancy news, although it is expected that further statements will be published locally for instance on the consequences of the crisis on accounting for State-guaranteed loans in France.
In this issue, Beyond the GAAP sets out the most recent agenda decisions published by the IFRS Interpretations Committee. While the final agenda decisions reached in June are unlikely to have any major impact on preparers, the ongoing discussions on reverse factoring constitute a trickier issue. However, at this stage of the due process, the Committee is not planning to amend existing IFRSs. Stakeholders have until 30 September to respond to this tentative agenda decision.
In this issue, Beyond the GAAP sets out the most recent agenda decisions published by the IFRS Interpretations Committee. While the final agenda decisions reached in June are unlikely to have any major impact on preparers, the ongoing discussions on reverse factoring constitute a trickier issue. However, at this stage of the due process, the Committee is not planning to amend existing IFRSs. Stakeholders have until 30 September to respond to this tentative agenda decision.
Beyond the GAAP - No.144 - May 2020
There is no doubt that the preparation of the 2020 interim accounts will be particularly difficult this year. Properly reflecting the impact of the COVID-19 crisis in the financial statements is certain to be the main subject of concern. Once again, this month’s COVID-19 supplement summarises the current issues to be taken into account, in particular the ESMA press release for listed entities.
Beyond the GAAP - No.143 - April 2020
As the COVID-19 epidemic continues to disrupt business, with significant impacts expected on 2020 financial statements, various stakeholders (most especially standard-setters) are working hard to respond to this unprecedented crisis (cf. issue no. 2 of our COVID-19 supplement).
Beyond the GAAP - No.142 - March 2020
Our last editorial touched, without wanting to believe it, on the wide repercussions we could expect from the coronavirus outbreak.
Beyond the GAAP - No.141 - February 2020
Following the announcement of the first results for 2019 in February, companies that have not yet closed their accounts need to consider the potential implications of the current coronavirus epidemic for the disclosures required in the notes on events after the reporting period in accordance with IAS 10, as some market regulators have just recalled.