Beyond the GAAP no.139 - Dezember 2019

Während der Jahresabschluss 2019 kurz vor dem Ende stand, hat die erstmalige Anwendung von IFRS 16 die Beteiligten bis zur letzten Minute in Atem gehalten. Denn der IFRS-Interpretationsausschuss hat erst am 16. Dezember offiziell geklärt, wie die Dauer bestimmter Mietverträge ermittelt werden soll.

Apart from the substantive issues, the subject shed light on the due process underlying the Interpretations Committee’s agenda decisions. The current simple majority rule allows the Committee to conclude that the contents of a standard form a sufficient basis for determining how to apply it to a given situation even when almost half of its members, despite their IFRS expertise, disagree. That may raise legitimate questions.

The current revision of the Due Process Handbook, which should result in the involvement of the IASB in deciding whether to publish an IFRS IC agenda decision, is rightly presented as a way of enhancing the Committee’s due process.

The end of the year also saw the publication of a major new IASB exposure draft on the presentation of financial statements, which is sure to be a lively discussion topic in the months to come.