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 is now traditional at this time of year, this issue of Beyond the GAAP presents a rundown of the new standards that are mandatory or permitted at the 30 June 2021 half-yearly closing.
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...
Here we are in March again with something of a feeling of déjà vu, and it is unfortunately still difficult to estimate the full extent of the pandemic’s impact on companies’ financial performance.
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.
2021 opens with a relatively stable IFRS framework in which to prepare the consolidated financial statements for this financial year, given the limited number and scope of the standards coming into force on 1 January.
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