IFRSs and NL GAAP Highlighting the key differences November 2016 IFRSs and NL GAAP | Highlighting the key differences Contacts Ralph ter Hoeven Partner | Professional Practice Department +31 (0) 8 8288 1080 +31 (0) 6 2127 2327
[email protected] Dingeman Manschot Director | Professional Practice Department +31 (0) 8 8288 2913 +31 (0) 6 1258 0245
[email protected] 02 IFRSs and NL GAAP | Highlighting the key differences Foreword Welcome to the ninth edition of ‘IFRSs and NL GAAP, A pocket comparison’. The objective of this publication is to provide a summary of key differences between the requirements of IFRSs compared to NL GAAP. This publication does not attempt to capture all of the differences between IFRSs and NL GAAP that may exist or that may be material to a particular company’s financial report. Our analysis shows that there are many differences between IFRSs and NL GAAP. We expect that the number of differences will increase in the future. The International Accounting Standards Board (IASB) has published IFRS 16 ‘Leases’, 15 ‘Revenue from Contracts with Customers’ and a completed IFRS 9 ‘Financial Instruments’ previous year. The IASB is also working on other projects (e.g. insurance contracts, macro hedge accounting) which could lead to major changes to current IFRSs. However, NL GAAP has evolved into a more stable platform. Furthermore, the Dutch Accounting Standards Board (DASB) has not yet decided if the new provisions of IFRS 9, IFRS 15 and IFRS 16 will be implemented in DASs. The goal of this publication is to provide you with a clear and practical oversight of the key differences between IFRSs and NL GAAP and the developments herein.