118 - Beyond the GAAP - 01-2018
Since 1 January 2018, IFRS 9 - Financial instruments and IFRS 15 - Revenue from Contracts with Customers have been effective, as the the IASB headline announced on its website on 8 January. In parallel, work to assess the impact of IFRS 9 on long-term investment is continuing at the European level, with the publication of the outcomes of a first factual analysis by EFRAG. This research has also acted as a spur to the IASB, which has followed up the EFRAG publication by issuing two presentations of its own on the contributions of IFRS standards to financial stability and long-term investment.
At the last minute, 2017 witnessed the passing of a tax reform bill in the US, which is expected to have substantial impacts - to the extent that the US accounting authorities have published some texts intended to facilitate accounting for its effects, but which ESMA says are unacceptable under IFRSs. This month’s special study describes these aspects.
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