Beyond the GAAP

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.

As 2019 draws to a close, we present our usual overview of applicable standards and interpretations, with IFRS 16 – Leases obviously being the key new standard for this year.

As the end of the year approaches, we’ve reached the time when European enforcers publish their recommendations for year-end financial reporting.

September saw the publication of two long-awaited decisions by the IFRS Interpretations Committee (IFRS IC).

Following the summer break, IAS 12 – Income Taxes and IFRS 17 – Insurance Contracts are in the spotlight, with consultations on both from the IASB as well as a detailed Public Statement from ESMA, the European enforcer, on the former.

The half-yearly financial statements stand between you and your well-earned summer break, so it may be worth taking a look at the IFRS IC’s agenda decisions on IFRS 15, IFRS 16 and cryptocurrencies. After that, you could take our crossword away with you - a light-hearted edition that brings the series to a close.

As announced last month, the IASB has begun to publish a number of exposure drafts. With consultation deadlines phased from June to September, these will keep stakeholders busy throughout the summer.

This year, it wasn’t accounting that made the news in April... A chance for our readers to enjoy the holidays and the month of May.

In March, the IASB completed its marathon discussions on the proposed amendments to IFRS 17 – Insurance Contracts (see our ‘A Closer Look’ feature). The Exposure Draft is now scheduled for publication at the end of June, and the Board has tentatively decided that the comment period will be three months (thus including August).

News from the IASB continues to be dominated by work to amend IFRS 17, to which we return in this edition’s special study.