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iGAAP Alert: January 2013

Critical issues in uncertain times

iGAAP Alert: January 2013


Uncertain and varied economic conditions set the backdrop for the preparation of  financial statements for the current reporting period. And below we set out some of the key financial reporting considerations stemming from these conditions. However it should be stressed that the unique circumstances and risk exposures for each reporting entity must be assessed comprehensively and reflected appropriately in the financial statements. It is important that the financial statements and management commentary convey all material uncertainties. Additional disclosures, not specifically required by any IFRS, may be necessary to achieve a fair presentation of the financial position and performance of the entity.

The European Securities and Markets Authority (ESMA) has identified the following common enforcement priorities for 2012 financial statements:

  • financial assets;
  • impairment of non-financial assets;
  • defined benefit obligations; and
  • provisions that fall within the scope of IAS 37.


iGAAP Alert: December 2012 iGAAP Alert: January 2013 (PDF)


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