From the IFRS Institute – June 2, 2023
Issued six years ago, IFRS 17, Insurance Contracts, is now effective with significant changes to insurance accounting requirements. Further, the International Accounting Standards Board (IASB®) has just amended its income tax guidance to provide immediate deferred tax relief to companies subject to the new global minimum top-up tax. Other amendments related to debt with covenants, sale-and-leaseback transactions and supplier finance arrangements have been issued but are effective only in 2024. Our semi-annual outlook is a quick aid to help preparers in the US to keep track of coming changes to IFRS Accounting Standards and assess the relevance to their financial statements.
The following summaries highlight new authoritative guidance issued by the IASB, provide a high-level comparison to US GAAP, and identify resources for further reading. The content is organized by effective dates:1
- Effective January 1, 2023
- Effective January 1, 2024
Financial statement preparers may also find our IFRS Accounting Standards applicability tool a helpful resource to identify the list of standards to apply for the first time, and those that are available for early adoption.
As a reminder, to be in compliance with IFRS Accounting Standards, companies also need to timely implement all IFRS Interpretations Committee Agenda Decisions. Read the KPMG IFRS Perspectives article for a summary of 2023 Agenda Decisions.
And in On the radar, we highlight the next milestone for the International Sustainability Standards Board (ISSB®) sustainability-related reporting project. See also the IFRS Foundation work plan for other projects that are currently in progress.