Mazars Insights

You will find here Mazars Insights as regards some IFRSs.

Key points of the financial communication of insurance groups

The large insurance groups have once again prepared their financial statements under a stable framework that awaits the adoption of IFRS 4 phase 2 (which is still subject to debate) and in a changeable economic and regulatory context with the implementation of Solvency 2 and the designation of systemic players.

The application of the new standards on consolidation IFRS 10 IFRS 11 and IFRS 12 in financial reporting as at 31/12/2013

The ‘consolidation package’ published by the IASB in May 2011 became mandatory for European issuers for annual periods beginning on or after 1 January 2014 but some groups have opted for early application of the new standards.

Based on the practices used by those already applying these standards, the objective of this study is to provide assistance to the large majority of groups who are preparing to apply the ‘consolidation package’ for the first time in 2014.

The areas of greatest subjectivity and interest within the IFRS financial statements of large european insurance groups

For the fifth consecutive year, Mazars has carried out a detailed analysis of the largest insurance groups’ financial information. The accounts of insurance entities for the year ended 31 December 2012 were prepared against an ongoing background of economic crisis, characterised by: continuing weak growth in the major world economies; low interest rates; and persistently volatile markets.

IFRS 11, Joint Arrangements – Key points of the new standard in 30 Q&A

On 12 May 2011, the IASB published IFRS 11, Joint Arrangements, which cancels and replaces IAS 31, Interests in Joint Ventures. Nearly four years had therefore passed between the publication of the exposure draft ED 9 in September 2007 and the publication of the final standard. Four years during which the stakeholders tried and failed to have their voice heard by the IASB.

IFRS 3 et IAS 27: Key features of the new standards in 40 Q&A

Mazars Insight IFRS 3 & IAS 27 - 2008/2009

Mazars published a technical brochure addressing the changes to IFRS 3 and IAS 27.

Under investors’ pressure, the FASB (i.e. the American accounting standard setter) and IASB initiated a few years ago a roadmap to the convergence of US GAAP and IFRS.

Impairment of long-term non-financial assets - Key points of IAS 36 in 40 questions and answers

Mazars Insight: IAS 36 - 2009

The financial crisis and the fall of stock market prices are indications of potential impairment of long-term non-financial assets (intangibles, goodwill, tangibles, etc.).

Against this background, many companies have experienced the difficulties of applying the impairment tests set out in IAS 36, Impairment of assets.

These difficulties are increased by the lack of visibility on business plans in a very uncertain economic and financial environment.

IFRS 5, Non-current Assets Held for Sale and Discontinued Operations

Mazars Insight IFRS 5 - 2009

Practical guide to application and expected changes

IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, was published to achieve convergence with US GAAP and represented a significant change for many companies.

This recent standard - effective from 1 January 2005 - has raised a lot of practical questions as to its implementation, particularly given the non-recurrent nature of operations falling within its scope.