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.172 - December 2022
As 2022 gives way to 2023, the whole editorial team at Beyond the GAAP would like to wish you all the best for the coming year! While there will probably still be much to discuss on the accounting front, there is sure to be even more activity in terms of sustainability reporting, both at European and international level. In particular, the European Commission is expected to endorse the delegated acts on sector-agnostic ESRS by 30 June 2023.
Beyond the GAAP no.171 - November 2022
As 2022 year-end closing approaches, we present our traditional overview of the new standards and amendments applicable at 31 December. Once again, no major new standards have been published this year, but disclosures are required on the impact of standards issued by the IASB but not yet effective, particularly for insurers in view of the entry into force of IFRS 17 on 1 January 2023.
Beyond the GAAP no.170 - October 2022
On 28 October, the EU’s financial markets regulator, ESMA, published its European Common Enforcement Priorities for the annual financial and non-financial reporting for 2022.
Beyond the GAAP no.169 - September 2022
In September, the IASB issued amendments to IFRS 16 on leases to clarify the subsequent measurement of a lease liability arising from sale and leaseback transactions where the lease payments are variable and not dependent on an index or rate. As requested by stakeholders, the IASB has ultimately provided no clarification on how to measure the proportion of the seller-lessee's retained interest in the asset. This issue of Beyond the GAAP presents the details of this amendment, which has been expected for several months.
Beyond the GAAP no.168 - July-August 2022
The comment period for EFRAG’s public consultation on its first set of 13 draft
European Sustainability Reporting Standards (ESRSs) closed on 8 August.
EFRAG’s Sustainability Reporting Board, supported by its Technical Expert
Group, now has to analyse the more than 750 responses received in order to
submit the final version of its draft standards to the European Commission by next November. The EC will then adopt the final standards in June 2023 by means of a Delegated Act. The timetable for implementation by entities will be finalised by the adoption of the CSRD, which is expected by the end of the year.
European Sustainability Reporting Standards (ESRSs) closed on 8 August.
EFRAG’s Sustainability Reporting Board, supported by its Technical Expert
Group, now has to analyse the more than 750 responses received in order to
submit the final version of its draft standards to the European Commission by next November. The EC will then adopt the final standards in June 2023 by means of a Delegated Act. The timetable for implementation by entities will be finalised by the adoption of the CSRD, which is expected by the end of the year.
Beyond the GAAP no.167 - June 2022
On 22 June, and after political negotiations, the European Council and Parliament reached a provisional agreement on a slightly revised version of the European Commission's initial proposal for a Corporate Sustainability Reporting Directive (CSRD), published in April 2021. In this issue, Beyond the GAAP presents the highlights of this provisional agreement so far, bearing in mind that the final text is due to be published in a few days’ or weeks’ time.
Beyond the GAAP no.166 - May 2022
As we approach the half-yearly closing of accounts, Beyond the GAAP presents a snapshot of the new standards and interpretations applicable from 1 January 2022 (both mandatory and optional). In addition to this overview, we bring you a summary of the ESMA recommendations published on 13 May. The European Securities and Markets Authority has identified the key issues to address in the interim financial statements in the context of Russia’s invasion of Ukraine. ESMA has also published specific recommendations on the forthcoming implementation of IFRS 17–Insurance Contracts.
Beyond the GAAP no.165 - April 2022
As reported in our previous issue, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 to their Turkish operations for all financial periods that include 1 April 2022, notably the interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply.
Beyond the GAAP no.164 - March 2022
Com o início do conflito armado na Ucrânia iniciado há mais de um mês, as entidades devem avaliar, desde já, as consequências desta crise ao nível do impacto nas suas demonstrações financeiras, pese embora, o nível de exposição possa ser distinto para cada entidade. Apesar das autoridades reguladoras já terem partilhado as suas preocupações referentes às divulgações que devem ser efetuadas, há determinados assuntos que ainda devem ser clarificados. A newsletter deste mês aporta alguns esclarecimentos sobre a temática em questão.
Beyond the GAAP no.163 - February 2022
Embora a atualidade do mês de fevereiro tenha sido parca em termos regulamentares ao nível do reporting corporativo, a presente situação na Ucrânia é totalmente diferente e das mais dramáticas.