Each month you will find our Beyond the GAAP newsletter.
To subscribe to the newsletter Beyond the GAAP:
Beyond the GAAP n°148 - October 2020
Since the beginning, our mission for Beyond the GAAP has been to keep you informed of accounting developments and to provide clarification and insight, in an environment where changes to accounting frameworks and regulators’ activities require constant vigilance from businesses and their auditors.
Now that the pace of accounting standardisation has slowed down a little, and pending the IASB’s feedback (expected by the end of the year) on the 200-odd comment letters received in response to the exposure draft on the presentation of financial statements, this month’s edition of Beyond the GAAP turns to news about the non-financial reporting in relation with environmental, social and governance indicators (ESG).
There is no doubt that the preparation of the 2020 interim accounts will be particularly difficult this year. Properly reflecting the impact of the COVID-19 crisis in the financial statements is certain to be the main subject of concern. Once again, this month’s COVID-19 supplement summarises the current issues to be taken into account, in particular the ESMA press release for listed entities.
Da die COVID-19-Epidemie die Geschäftsentwicklung weiterhin beeinträchtigt und erhebliche Auswirkungen auf die Jahresrechnung 2020 erwartet werden, arbeiten verschiedene Interessengruppen (insbesondere die Standardsetzer) hart daran, auf diese beispiellose Krise zu reagieren (vgl. Ausgabe Nr. 2 unserer COVID-19-Beilage).
Following the announcement of the first results for 2019 in February, companies that have not yet closed their accounts need to consider the potential implications of the current coronavirus epidemic for the disclosures required in the notes on events after the reporting period in accordance with IAS 10, as some market regulators have just recalled.
The year 2019 drew to a close with the publication of an exposure draft proposing significant changes to the presentation of IFRS financial statements, particularly the statement of comprehensive income. Consultations will continue in the new year, with many projects listed in the IASB’s work plan.
As the 2019 financial statements are finalised, the first-time application of IFRS 16 will have kept stakeholders on their toes right up to the last minute. This is because the IFRS Interpretations Committee did not officially clarify until 16 December how the term of certain leases should be determined.