Beyond the GAAP no.41 (English) - January 2011

It is already clear that 2011 will be a particularly important year in the history of the IASB. This year will see the SEC’s decision on whether IFRSs can be applied by American entities. The decision could lead to the end of US GAAP or disrupt the adoption of IFRSs at international level.

The convergence process will, no matter what happens, impact the IFRS environment given the number of new standards that are expected to be published until the end of June, assuming the IASB's work plan does not change once again. Standards on consolidation and joint arrangements should get the ball rolling. After that, the horizon is uncertain. Beyond the GAAP thus starts the year by introducing the issues on the leases project for which redeliberations have just started.


  • Amortised cost and Impairment: publication of a document supplementary to the exposure draft of November 2009
  • Forthcoming interpretation on contingent prices arising from the purchase of single assets
  • Current / non-current classification of debt (roll-over agreements): clarifications to IAS 1 required
  • The FASB continues to deliberate financial instruments and draws closer to IFRS 9
  • Actuarial gains and losses: option to present in profit or loss retained, but limited.
  • The European Securities and Markets Authority (ESMA) is now operational

A closer look

  • Leases: stakeholders’ comments are overall critical
  • Exposure draft on Offsetting Financial Assets and Financial Liabilities
  • IASB and FASB launch their redeliberations on the Revenue recognition project


Beyond the GAAP n°41 - January 2011
Beyond the GAAP n°41 - January 2011