This Special Issue deals with the impact of the IFRS 7 amendment on disclosures of transfers of financial assets on financial statements at 31 December 2012.
The amendments to IFRS 7 on disclosures of transfers of financial assets became obligatory for financial periods starting on or after 1 July 2011. This meant that the 30 June 2012 closing of accounts was the first time that many issuers had applied the amendment, and we therefore felt it would be useful to assess the impact of the amendment on disclosures in the notes to financial statements published to 30 June 2012.
Unfortunately, the results of this study were not all that we could have hoped, primarily because 30 June 2012 was a half-yearly closing of accounts for most companies. As a result only limited additional disclosures appeared in the notes, with some organisations deciding to delay full implementation to 31 December 2012. In this first study, only 14 companies from our sample of the 71 CAC 40 and Eurostoxx 50 companies provided specific information on transfers of financial assets. Therefore, we felt that it would be a good idea to revisit the impact of the amendment on disclosures of transfers of financial assets on the financial statements to 31 December 2012.
This report presents the results of this special Beyond the GAAP study.