Beyond the GAAP no.135 - July August 2019

Following the summer break, IAS 12 – Income Taxes and IFRS 17 – Insurance Contracts are in the spotlight, with consultations on both from the IASB as well as a detailed Public Statement from ESMA, the European enforcer, on the former.

If the IASB’s schedule is to be trusted, the final quarter will see the publication of a further three consultations, dealing with major issues: the presentation of financial statements, the accounting treatment of goodwill and impairment testing, and the proposed new macro hedge accounting approach. Remember to set aside time to consider the consultations that will most affect you, unless they are published as Christmas “presents”, which means such time will have to be set aside in the (very busy) new year!