UKEB adopts three narrow-scope amendments to IFRS Accounting Standards
06 Dec, 2022
The UK Endorsement Board (UKEB) has adopted three narrow-scope amendments to IFRS Accounting Standards which were published by the International Accounting Standards Board (IASB) in 2021 .
The three narrow-Scope amendments are as follows:
- Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and to IFRS Practice Statement 2 Making Materiality Judgements);
- Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors); and
- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes).
These amendments are effective for annual periods beginning on or after 1 January 2023, with early application permitted.
The press release and updated adoption status report are available on the UKEB website.