Beyond the GAAP
Keep abreast of news, insights, and standards related to accounting on an international level by downloading our group publication: Beyond The Gaap.
The "Beyond the GAAP" newsletter is published by Mazars in Europe. Its purpose is to keep readers informed of accounting developments in Europe and around the world.
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.
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 middle of the year, 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, the progress update on the IASB’s project on primary financial statements is discussed together with recent IFRIC agenda decisions.
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, including interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply. The principles explained in this recap can be applied to the financial statements of all entities reporting in a hyperinflationary economy, such as Zimbabwe, and is not limited in application to Turkey.
Beyond the GAAP no.164 - March 2022
With the war in Ukraine raging for over a month now, it is time for companies to assess the impact of the crisis on their financial statements – though obviously, not all companies will have the same level of exposure. While market regulators and national authorities have already published statements drawing entities’ attention to their duty of transparency in disclosures, there are certain issues where clarification is needed. We provide some answers in this issue.