"Beyond the GAAP" Newsletter
The "Beyond the GAAP" newsletter is published by Mazars. The purpose of this newsletter is to keep readers informed of accounting developments.
Beyond the GAAP No. 143 - April 2020
Accounting Standards March Covid edition
A few days later, with half the world’s population now under lock-down (whether enforced or encouraged), this month’s news has necessarily taken on a distinct flavour all its own. This is why we have produced a ‘COVID-19 supplement’ to examine the impacts of the crisis on 2019 reporting (for those entities still concerned!), and on the annual reporting that does not coincide with the calendar year and on the 2020 interim accounts.
Beyond the GAAP no.141 - February 2020
Beyond the GAAP no.140 - January 2020
For example, in March, the IASB is expected to publish a Discussion Paper on goodwill and impairment. While the IASB is unlikely to propose the reintroduction of amortisation of goodwill, it is expected to make proposals aimed at improving disclosures in the notes and reducing the cost of impairment testing.
Beyond the GAAP no.139 - December 2019
Beyond the GAAP no.138 - November 2019
With the year-end closure approaching, the IFRS Interpretations Committee has finally confirmed its decision on determining the lease term under IFRS 16 – a topic that has been the subject of much debate – and has rejected the idea of amending the new standard just before its application date.
This so-called “clarification” could have substantive impacts for groups that had previously used a legal approach to determining the lease term. They will be forced to change their estimates.
However, in light of the publication date of the Committee’s decision, and the time needed to implement such changes where necessary, they are presumably not required in the financial statements for 2019. If an entity is unable to make the required changes, it should provide detailed disclosures in the notes, as recommended by the French market regulator (AMF).
We will provide a more detailed account of the Committee’s final agenda decision in our next issue.