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Newly effective IFRS® Accounting Standards

New and forthcoming requirements

Executive team walking

Newly effective requirements

Effective date

New standards or amendments

Article and other resources

Insights into IFRS

1 January 2023

IFRS 17 Insurance Contracts

IFRS 17 topic page

Chapter 8.1

Definition of Accounting Estimates – Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

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

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

Article

3.13.210, 6.1.925

23 May 2023*

Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules

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

Article

N/A

1 January 2024

Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases

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

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

Article

2.3.195, 7.10.657

IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information

IFRS S2** Climate-related Disclosures

Article

N/A

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

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
Article

Settlement of financial liabilities by electronic payments
Article

7.4.490, 7.6.510, 7.10.780

Annual Improvements to IFRS Accounting Standards – Amendments to:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards;
  • IFRS 7 Financial Instruments: Disclosures and it’s accompanying Guidance on implementing IFRS 7;
  • IFRS 9 Financial Instruments;
  • IFRS 10 Consolidated Financial Statements; and
  • IAS 7 Statement of Cash flows
Article7.7.550

1 January 2027

IFRS 18 Presentation and Disclosure in Financial Statements

Article

Talkbook

First Impressions

2.1.150, 2.3.280, 4.1.260

IFRS 19 Subsidiaries without Public Accountability: Disclosures

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.