IFRS compared to Dutch GAAP: An overview - KPMG Nederland
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IFRS compared to Dutch GAAP: An overview

IFRS compared to Dutch GAAP: An overview

In this new edition we updated the comparison to meet the standards and interpretations that are mandatory for an annual reporting period beginning on or after 1 January 2018.

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IFRS compared to Dutch GAAP

Hopefully this publication will support you to obtain or enhance a clear understanding of main differences and similarities between IFRS and Dutch GAAP. Like our previous comparison (2017), we trust this publication will be appreciated by stakeholders of financial reporting in the Netherlands and abroad. We believe that the publication IFRS compared to Dutch GAAP: An overview is relevant and is an example of our promise and commitment to add value and provide transparency on the requirements for financial reporting.

In this new edition we updated the comparison to meet the standards and interpretations that are mandatory for an annual reporting period beginning on or after 1 January 2018. This is the year that the new IFRSs on Financial instruments (IFRS 9) and Revenue from contracts with customers (IFRS 15) came into effect. The new IFRS on Leases (IFRS 16) will become effective in 2019. The Dutch Accounting Standards Board allows  companies reporting under Dutch GAAP to opt for applying impairment of financial assets based on the expected credit loss model under IFRS 9 and to apply IFRS 15 in full. In addition, the Dutch Accounting Standards Board announced that companies reporting under Dutch GAAP can also apply IFRS 16 for lease accounting.

Such options under Dutch GAAP are particularly relevant for those companies that are part of group reporting under IFRS, as well as for companies in industries for which IFRS is the commonly used financial reporting standard.

This development makes an updated comparison even more valuable; not only for users of financial information, but also for companies considering adopting IFRS or at least adopting the new standards under IFRS in their financial statements.

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