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...
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.
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...
While February 2022 has seen very little drama on the corporate reporting front, the current situation in Ukraine provides a stark and appalling contrast. Although the situation is changing rapidly, companies that close their accounts after 24 February must start thinking now about the impacts of these events and of the first sanctions imposed on Russia. For those whose reporting period ended...
For many years, Beyond the GAAP has been presenting regulatory changes and the standard-setters’ ongoing projects in order to provide readers with a relevant and effective watch on accounting news. The adoption of IFRSs by the European Union in the early 2000s, and the constant evolution of these standards since then, have been the basis of our monthly newsletter over the course of our 161...
As 2021 gives way to 2022, the Beyond the GAAP editorial team would like to wish you all the best for the coming year! We expect another busy year in terms of accounting news, with an obvious major development being the expected completion of the Primary Financial Statements project. However, the key focus of the year is likely to be the development of sustainability reporting standards.
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