The KPMG view

The European Commission is seeking to simplify the reporting burden for companies. Under its only the largest companies would report under European Sustainability Reporting Standards (ESRS). In this podcast, Jan A. Müller (Partner, KPMG in Germany) and Katharina Gädeke (Partner, Regulatory Advisory, KPMG in Germany) discuss the proposals and what they might mean for different companies that have already reported or are preparing to report under ESRS.

Hosted by Brian O’Donovan (KPMG Global IFRS Leader), this episode addresses the current uncertain times and delivers insights from KPMG specialists on a range of topics – including climate-related risks and connectivity, valuation and impairment, implications of the new global top-up tax, disclosing material accounting policies and finally, how the new insurance contracts standard is playing out in practice. ‘ISSB™’ is a Trade Mark and ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

When a company pledges to meet net-zero targets by a certain date, it faces heightened scrutiny of the steps to be taken to meet such commitments and their potential financial reporting impacts. Stakeholder expectations are high, and if a company is to successfully communicate its progress towards net-zero goals, meaningful and connected disclosures will be crucial. In this podcast – the latest in our series on the impact of the transition towards net zero – Adrian King and Irina Ipatova take a closer look at what’s going on in this space. ‘ISSB™’ is a Trade Mark and ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Companies generating carbon credits under voluntary green schemes face a number of financial reporting considerations – especially given the absence of requirements under IFRS® Accounting Standards that apply specifically to these schemes. In this podcast – the latest in our series on the impact of the transition towards net zero – Allison McManus and Irina Ipatova provide some pointers for companies seeking a framework to help them make financial reporting decisions around voluntary green schemes. ‘ISSB™’ is a Trade Mark and ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Companies across many different sectors have announced their net-zero carbon commitments – as part of a drive towards a greener economy. As businesses embrace new arrangements and operational changes to hit their net-zero targets, they face both challenges and opportunities. In this podcast – the first in a new series on the impact of this transition on financial reporting under IFRS Accounting Standards – Mark Wrigglesworth and Irina Ipatova look specifically at green initiatives in the airlines industry. ‘ISSB™’ is a Trade Mark and ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Interconnectivity between the financial statements and the rest of the annual report on climate-related matters is a key concern for investors and regulators. Investors are challenging the lack of sufficient disclosure of climate-related information in financial statements and are seeking greater transparency and clarity. The 2021 reporting season is an opportunity for companies to close this information gap by enhancing their disclosures of the impact of climate-related matters. In this podcast, Reinhard Dotzlaw asks authors of some of the most recent articles published on our Climate change financial reporting resource centre to each give an insight into how you and your company might best tell your story. ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Buying or selling a business may be a step too far for you – you may simply want to partner with others. If that’s the case, figuring out what type of transaction you have entered into can be tricky. The accounting really depends on whether you are jointly controlling a business, you’re buying a share in another company or simply bringing in investors by issuing shares of one of your companies. In this podcast, Andrea Schriber and Tara Smith discuss these scenarios. ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

As the world begins to emerge from the COVID-19 pandemic, merger and acquisition (M&A) activity is on the rise. Companies should be aware of the accounting requirements before the transaction takes place so the implications can be considered as the deal is being negotiated. In this podcast, Andrea Schriber and Julia LaPointe look at the relevant IFRS Standards, including IFRS 3 Business Combinations, and address the key points that companies should consider in accounting for any acquisition. ‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Companies are finding that their interactions with crypto-assets are increasing. In this podcast, Andrew Schofield and Charlotte Lo examine some of the risk and governance issues that management and audit committees need to bear in mind. 'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.