Newsletter "Beyond the GAAP"

A Newsletter "Beyond the GAAP" é publicada mensalmente pela Mazars. O objectivo deste documento é manter o leitor informado sobre os desenvolvimentos na área da contabilidade.

Beyond the GAAP no.112 - June 2017

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.

Beyond the GAAP no.111 - May 2017

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.

Beyond the GAAP no.110 - April 2017

For the second time in its history, the IASB has launched a rapid-turnaround consultation with a comment period of just 30 days – the minimum permitted by its Due Process Handbook. What is more, it once again relates to financial instruments. The IASB is rushing it through in the hope that the document will be ready for first-time application alongside IFRS 9 in 2018. It is touch and go, as the basic principle needs to be approved by stakeholders and the amendments then need to go through the EU adoption process!

Beyond the GAAP no.109 - March 2017

While they do not form an official part of the IASB’s Disclosure Initiative, the amendments proposed to IFRS 8 on operating segments are certainly in the same spirit. With this consultation, and the consultation around the discussion paper on Principles of Disclosure, the IASB has started the ball rolling for the 2017 round of deliberations on the theme of Better Communication. In Europe, the recently published standard on leases has just completed the first stage of the adoption process, EFRAG having just issued a recommendation for rapid endorsement to the European Commission.

Beyond the GAAP no.108 - February 2017

IASB Vice-Chair Sue Lloyd has been appointed to head the IFRS Interpretations Committee, and four IASB members who supported the recent major standards have been re-appointed for a second term.

Beyond the GAAP no.107 - January 2017

After a pause of several months, the IASB has started the year by presenting its annual improvements in a short exposure draft, with the next consultations expected as of April. It is also continuing to offer support on new standards, publishing an article on IFRS 16 – Leases, noting in passing that there are some decisions to be taken and judgments to be made, and urging entities not to delay the launch of their transition process.

Beyond the GAAP no.106 - December 2016

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.

Beyond the GAAP no.105 - November 2016

The adoption of IFRS 9 by the European Union marks the end of the work carried out by EFRAG under the leadership of Françoise Flores, coincidentally falling at the same time as her appointment as a member of the IASB. This appointment will maintain a French presence on the Board, following the end of Philippe Danjou’s term last October.

Beyond the GAAP no.104 - October 2016

Improving the effectiveness of financial reporting is one of the IASB’s key focal areas for the coming years. Four projects fall under the theme of “Better communication”, including the Disclosure Initiative and a research project on the format of primary financial statements.

Beyond the GAAP no.103 - September 2016

The IASB’s update to its work plan on 23 September 2016 gives us a good idea of what is on the cards for IFRS over the next few months. In addition to the Insurance Contracts standard, which is scheduled for publication in March, and the Conceptual Framework (date not yet set), the next key milestones relate to research projects. Discussion Papers have been announced on business combinations under common control, dynamic risk management, financial instruments with characteristics of equity, and rate-regulated activities.

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