Beyond the GAAP - July August 2017

July was a busier period for Europe than for the IASB. The European Commission sent two draft texts (deferred application of IFRS 9 for insurers and financial conglomerates, and IFRS 16 on Leases) to the European Parliament and Council for endorsement before the end of the year, while ESMA published three documents on financial information and its enforcement activities.

Meanwhile the IASB confirmed the IFRS IC’s tentative decision on the modification of financial liabilities under the new IFRS 9. The Interpretations Committee had expressed some doubts at its last meeting in the light of the comments received.  The  far-reaching  impacts  of  this  decision  are discussed in this edition’s special study.

All  the  team  at  Beyond  the  GAAP  hope  you  have  had  an enjoyable break and welcome you back to work after an August free of any accounting news!

Enjoy your reading!

Joeri Galas and Ron Horsmans