Newsletter "Beyond the GAAP"

As 2021 approaches its close, we present our traditional year-end overview of the new standards and amendments applicable at 31 December.

While many were waiting, sometimes apprehensively, for the IASB's (tentative)decision on the reintroduction of goodwill amortisation, the Board held off at its September meeting, asking the staff to conduct further research on the subsequent accounting for goodwill.

At the end of June, Hans Hoogervorst, Chair of the International Accounting Standards Board, has stepped down after a 10-year tenure. Andreas Barckow, who has previously served on several IFRS Foundation advisory bodies, has taken over for a first mandate as head of the IASB as of 1 July. As the IASB changes its chairman and several Board members are replaced, the IASB's work plan is still ambitious, with major projects to be completed.

In its final report on the “fitness check” on the EU framework for public reporting by companies, which began in 2018, the European Commission has concluded that IFRSs ensure high-quality financial information and comparability of financial statements. However, the findings on non-financial reporting were less encouraging, despite some progress thanks to the Non-Financial Reporting Directive (NFRD).

A major development this month is the publication of a proposed amendment to IFRS 16 in the light of the ongoing public health crisis: the practical expedient that was rushed through by the IASB last spring may now be applied to rent concessions granted up to 30 June 2022, rather than 30 June 2021.