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Newly effective IFRS® Accounting Standards

Newly effective requirements

Effective date	New standards or amendments	Web article and other resources	Insights into IFRS
1 January 2023	IFRS 17 Insurance Contracts, including amendments Initial Application of IFRS 17 and IFRS 9 – Comparative Information	Web article (with links to in-depth analysis) IFRS 17 topic page	Chapter 8.1
	Definition of Accounting Estimates – Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors	Web article	2.8.100–110
	Disclosure Initiative: Accounting Policies – Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements	Web article Talkbook	1.2.40, 2.1.10, 2.8.45
	Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction – Amendments to IAS 12 Income Taxes	Web article	3.13.210, 6.1.925
23 May 2023*	Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules	Web article Talkbook	3.13.43, 80, 645
29 September 2023	Amendments to the IFRS for SMEs Accounting Standard – International Tax Reform – Pillar Two Model Rules	Web article	N/A
1 January 2024	Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases	Web article Leases – Sale and leaseback	5.1.595
	Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants – Amendments to IAS 1 Presentation of Financial Statements	Web article	2.9.45, 3.1.47, 7.10.55
	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance Arrangements	Web article	2.3.195, 7.10.657
	IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information	Web article	N/A
	IFRS S2** Climate-related Disclosures	Web article	N/A

Forthcoming requirements

Effective date	New standards or amendments	Web article and other resources	Insights into IFRS
1 January 2025	Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates	Web article	2.7.390
1 January 2026	Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures	Financial assets with ESG-linked features Web article Settlement of financial liabilities by electronic payments Web article	7.4.490, 7.6.510, 7.10.780
1 January 2027	IFRS 18 Presentation and Disclosure in Financial Statements	Web article Talkbook First Impressions	2.1.150, 2.3.280, 4.1.260
1 January 2027	IFRS 19 Subsidiaries without Public Accountability: Disclosures	Web article	1.1.250
To be determined	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures ^***

* The amendments introduce a relief from deferred tax accounting for the global minimum top-up tax under Pillar Two, which applies immediately, and new disclosure requirements, which apply from 31 December 2023. No disclosures are required in interim periods ending on or before 31 December 2023.

** The implementation and the effective dates of IFRS Sustainability Disclosure Standards are subject to local regulation.

*** The effective date for these amendments was deferred indefinitely. Early adoption continues to be permitted.

For helpful, up-to-date guidance on the key aspects of financial reporting, including all of the most recent developments in IFRS^® Accounting Standards, see our publication Insights into IFRS.