Effective date | New standards or amendments | Article and other resources | Insights into IFRS |
1 January 2023 | IFRS 17 Insurance Contracts | Chapter 8.1 | |
Definition of Accounting Estimates – Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors | 2.8.100–110 | ||
Disclosure Initiative: Accounting Policies – Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements | 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 | 3.13.210, 6.1.925 | ||
23 May 2023* | Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules | 3.13.43, 80, 645 | |
29 September 2023 | Amendments to the IFRS for SMEs Accounting Standard – International Tax Reform – Pillar Two Model Rules | N/A | |
1 January 2024 | Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases | 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 | 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 | 2.3.195, 7.10.657 | ||
IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information IFRS S2** Climate-related Disclosures | N/A |
Newly effective requirements
Forthcoming requirements
Effective date | New standards or amendments | 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 | 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 Settlement of financial liabilities by electronic payments | 7.4.490, 7.6.510, 7.10.780 |
Annual Improvements to IFRS Accounting Standards – Amendments to:
| Article | 7.7.550 | |
1 January 2027 | IFRS 18 Presentation and Disclosure in Financial Statements | 2.1.150, 2.3.280, 4.1.260 | |
IFRS 19 Subsidiaries without Public Accountability: Disclosures | 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.
© 2024 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.