Beyond the GAAP

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.

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).

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.

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.

September saw the publication of two long-awaited decisions by the IFRS Interpretations Committee. This, therefore, seemed the ideal time to present our study of information on the impacts of initial application of IFRIC 23.