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.136 - SEPTEMBER 2019

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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.

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Beyond the GAAP - No.137 - October 2019

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As the end of the year approaches, we’ve reached the time when European enforcers publish their recommendations for year-end financial reporting.

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Beyond the GAAP No.135 - Jul & Aug 2019

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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.

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Beyond the GAAP No.134 - June 2019

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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.

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Beyond the GAAP no.117 - December 2017

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2017 ended fairly quietly, since the European Commission had already endorsed several texts in November and the IASB’s December meeting decided to postpone publication of most of its texts and draft texts, with the exception of the annual improvements to IFRSs, which we discuss in this month’s ‘A closer look’ study. This being the case, the implementation of IFRS 9 and IFRS 15 in January 2018 will be more than enough to keep entities and their auditors busy, on top of the preparation of the 2017 financial statements.

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Beyond the GAAP no.113 - July to August 2017

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July was a busier period for Europe than for the IASB. The European Commission sent two draft texts (deferred application of IFRS 9 for insurers and financial conglomerates, and IFRS 16 on Leases) to the European Parliament and Council for endorsement before the end of the year, while ESMA published three documents on financial information and its enforcement activities.

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Beyond the GAAP no.114

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After a quiet summer on the accounting front, September started brightly with two exposure drafts and a Practice Statement from the IASB.

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Beyond the GAAP no.112 - June 2017

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June 2017 saw the publication of IFRIC 23 – Uncertainty over Income Tax Treatments. According to this Interpretation, entities must now assume that any uncertainty over income tax treatments will be examined by the taxation authorities, and must consider the probable outcome of such examination when determining the amount of income tax to be recognised in the financial statements.

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Beyond the GAAP no.111 - May 2017

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IFRS 17 – Insurance Contracts has been in the pipeline for more than ten years, and finally made its appearance during the night of 16 to 17 May 2017. On 17 May, the IASB hosted two interactive webinars on the standard, and launched a dedicated webpage to support implementation. IFRS 17 will replace the interim standard IFRS 4 from 2021, meaning insurers will no longer be able to use local accounting frameworks for insurance contracts. The new standard is therefore likely to cause substantial upheaval, with impacts varying significantly from one company to another.

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Beyond the GAAP no.106 - December 2016

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Following a November issue that was packed with ‘A Closer Look’ features, this month’s Beyond the GAAP is unusual in not containing any at all. However, our monthly crossword will provide a useful reminder of key issues in IFRS over the 2016 reporting period.

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