Beyond the GAAP no. 154. - April 2021
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Beyond the GAAP no. 154. - April 2021
In its final report on the “fitness check” on the EU framework for public reporting by companies, which began in 2018, the European Commission has concluded that IFRSs ensure high-quality financial information and comparability of financial statements. However, the findings on non-financial reporting were less encouraging, despite some progress thanks to the Non-Financial Reporting Directive (NFRD).
In this context, most stakeholders no longer have many urgent requirements for changes to the IFRS framework. Despite this, it is important to engage with the consultation recently launched by the IASB on its work plan for the next five years, as this will help to identify any remaining standard-setting requirements and priorities in terms of ensuring consistency of practice (although much of the work for the next few years is already mapped out).
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