Beyond the GAAP no.61 - November 2012

Once again, year-end reporting has come around! Unfortunately, you might be tempted to say. As in 2011, it’s not the new accounting texts which will make this a tricky exercise; it’s the background of crisis. Yet again, much is expected of issuers in terms of the quality and clarity of their disclosures, in particular regarding the impairment of financial and non-financial assets, the discount rate of future pension liabilities, and provisions for risks and expenses. This is what emerges from ESMA’s recommendations.
As for the IASB, apart from the new calls for comments, what primarily stands out is Hans Hoogervorst’s forthright speech on the Leases project. Will it be enough to silence the critics?
Happy reading!