New and revised pronouncements as at 30 June 2023

  • Calendar Image

03 Jul, 2023

Our popular summary of new and revised financial and sustainability reporting requirements, updated for financial reporting periods ending on 30 June 2023. This listing can be used to perform a quick check that new financial and sustainability reporting requirements such as new and revised accounting and sustainability disclosure standards and interpretations, and amendments to standards and interpretations, have been fully considered in the reporting close process.

The information below reflects developments to 22 September 2023 and will be updated through to 30 September 2023 to reflect new and revised financial and sustainability reporting requirements that need to be considered for financial reporting periods ending on 30 June 2023. For accounts approved after September 2023, please also refer to subsequent versions of this document for any new and revised IFRS Accounting Standards that have additionally been issued that might require disclosure in the accounts under IAS 8:30.  The tables below also cover the sustainability disclosure standards published by the International Sustainability Disclosure Standards Board (ISSB).

The information below is organised as follows:

Summary

Financial reporting considerations related to the Russia-Ukraine War
Below is our usual analysis of new and amended standards, however, we are also aware that many entities will have been impacted by Russia's invasion into Ukraine. Please see our Need to know — Financial reporting considerations related to the Russia-Ukraine War highlighting some of the key issues to be considered by the entities in preparing their financial statements.

The table below provides a summary of the pronouncements which will be mandatorily applied by UK entities for the first time at 30 June 2023, for various quarterly reporting periods. Where a UK entity chooses to prepare financial statements in accordance with IFRS Accounting Standards as issued by the IASB, as well as in compliance with International Accounting Standards as adopted in conformity with the requirements of the Companies Act 2006, that entity should comply with the earlier IASB effective date for those items.

Endorsement of IFRS Accounting Standards by the EU has not applied in the UK since the end of the transition period following the UK’s withdrawal from the EU (31 December 2020). The UK Endorsement Board (UKEB) is now responsible for endorsing IFRS Accounting Standards for use in the UK which all UK companies that are required or choose to apply IFRS Accounting Standards must apply. However, because UK endorsed IFRS Accounting Standards have not been granted equivalence to EU endorsed IFRS Accounting Standards by the EU, UK companies that are listed in the EEA may need to state compliance with both EU-endorsed and UK-endorsed IFRS Accounting Standards. Alternatively, they may state compliance with both UK-endorsed IFRS Accounting Standards and IFRS Accounting Standards as issued by the IASB, if this is permitted by the relevant listing authority.

Further information on IFRS Accounting Standards in the UK is available here.

The table below provides a summary of these pronouncements, and which reporting periods they apply to:

Pronouncement IASB Effective date* EU/UK effective date* UK Mandatory at 30 June 2023?
1st qtrs.** 2nd qtrs.*** 3rd qtrs.**** Full yrs*****
IFRS 17 Insurance Contracts
1 January 2023 1 January 2023 Mandatory Mandatory Optional Optional
Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)
1 January 2018 1 January 2018 N/A NA Optional ~ Optional ~
Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) 1 January 2022 1 January 2022 Already applied in the prior year (April 2022) Already applied in the prior year (January 2022) Yes Yes
Annual Improvements 2018-2020 Cycle 1 January 2022 1 January 2022 Already applied in the prior year (April 2022) Already applied in the prior year (January 2022) Yes Yes
Reference to the Conceptual Framework (Amendments to IFRS 3) 1 January 2022 1 January 2022 Already applied in the prior year (April 2022) Already applied in the prior year (January 2022) Yes Yes
Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) 1 January 2022 1 January 2022 Already applied in the prior year (April 2022) Already applied in the prior year (January 2022) Yes Yes
Amendments to IFRS 17 1 January 2023 1 January 2023 Mandatory Mandatory Optional Optional
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 1 January 2023 1 January 2023 Mandatory Mandatory Optional Optional
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) 1 January 2023 1 January 2023 Mandatory Mandatory Optional Optional
Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) available on first application of IFRS 17 available on first application of IFRS 17 Optional Optional Optional Optional
Definition of Accounting Estimates (Amendments to IAS 8) 1 January 2023 1 January 2023 Mandatory Mandatory Optional Optional
International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) - application of the exception and disclosure of that fact Issued on 23 May 2023 with immediate effect

Endorsed for use in the UK on 19 July 2023 with retrospective application

Not yet endorsed for use in the EU.

Mandatory Mandatory Mandatory Mandatory
International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) — other disclosure requirements # 1 January 2023

1 January 2023

Not yet endorsed for use in the EU.

Not required Not required Optional Optional

* Generally annual reporting periods beginning on or after the date indicated, may only apply to first-time adopters in some limited cases (see below for full details).

** 1st quarter ending on 30 June 2023 (accounting period began on 1 April 2023).

*** 2nd quarter ending 30 June 2023 (accounting period began 1 January 2023).

**** 3rd quarter ending 30 June 2023 (accounting period began 1 October 2022).

***** 4th quarter ending 30 June 2023 (accounting period began 1 July 2022).

~ The application of both approaches (overlay approach/ deferral approach) is optional and an entity is permitted to stop applying them before the new insurance contracts standard is applied.

# Whilst the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, they are not required for any interim period ending on or before 31 December 2023.  However, 30 June 2023 half-yearly financial reporters should determine the nature and extent of disclosures to be made considering the broader requirements in IAS 34 Interim Financial Reporting to disclose significant events since the end of the last annual reporting period.  

More information about these pronouncements, and all new and revised pronouncements, is set out below.

Financial statement considerations in adopting new and revised pronouncements

Where new and revised pronouncements are applied for the first time, there can be consequential impacts on annual financial statements, including:

  • Updates to accounting policies. The terminology and substance of disclosed accounting policies may need to be updated to reflect new recognition, measurement and other requirements, e.g IAS 19 Employee Benefits may impact the measurement of certain employee benefits.
  • Impact of transitional provisions. IAS 8 Accounting Policies, Changes in Estimates and Errors contains a general requirement that changes in accounting policies are retrospectively applied, but this does not apply to the extent an individual pronouncement has specific transitional provisions.
  • Disclosures about changes in accounting policies. Where an entity changes its accounting policy as a result of the initial application of an IFRS Accounting Standard and it has an effect on the current period or any prior period, IAS 8 requires the disclosure of a number of matters, e.g. the title of the IFRS Accounting Standard, the nature of the change in accounting policy, a description of the transitional provisions, and the amount of the adjustment for each financial statement line item affected
  • Third statement of financial position. IAS 1 Presentation of Financial Statements requires the presentation of a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements in a number of situations, including if an entity applies an accounting policy retrospectively and the retrospective application has a material effect on the information in the statement of financial position at the beginning of the preceding period
  • Earnings per share (EPS). Where applicable to the entity, IAS 33 Earnings Per Share requires basic and diluted EPS to be adjusted for the impacts of adjustments result from changes in accounting policies accounted for retrospectively and IAS 8 requires the disclosure of the amount of any such adjustments.

Whilst disclosures associated with changes in accounting policies resulting from the initial application of new and revised pronouncements are less in interim financial reports under IAS 34 Interim Financial Reporting, some disclosures are required, e.g. description of the nature and effect of any change in accounting policies and methods of computation.

 

New or revised standards

The information below can be used to assist with the disclosure requirements under paragraph 30 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which requires entities to disclose any new IFRS Accounting Standards that are in issue but not yet effective and which are likely to impact the entity

New or revised pronouncement Effective date

UK Application at 30 June 2023 to:

1st qtrs 2nd qtrs 3rd qtrs Full yrs

IFRS 17 Insurance Contracts

IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 supersedes IFRS 4 Insurance Contracts as of 1 January 2021.

Issued: 18 May 2017 (Summary of IFRS 17, Article, Newsletter).

Applicable to annual reporting periods beginning on or after 1 January 2023. The original effective date of IFRS 17 of 1 January 2021 was amended by Amendments to IFRS 17 issued by the IASB in June 2020.

Endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement.  Also endorsed for use in the UK.

Mandatory

Mandatory

Optional

Optional

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

IFRS S1 sets out overall requirements for sustainability-related financial disclosures with the
objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Issued: June 2023 (article)

An entity is required to apply IFRS S1 for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. If an entity applies IFRS S1 earlier, it is required to disclose that fact and apply IFRS S2 at the same time.  A number of transitional reliefs are available as idetailed in the article link.

Not yet endorsed for use in the UK

IFRS S2 — Climate-related Disclosures

FRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity

Issued: June 2023 (article)

An entity is required to apply IFRS S2 for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. If an entity applies IFRS S2 earlier, it is required to disclose that fact and apply IFRS S1 at the same time.   A number of transitional reliefs are available as idetailed in the article link.

Not yet endorsed for use in the UK

Amendments
New or revised pronouncement When effective UK Application at 30 June 2023 to:
1st qtrs 2nd qtrs 3rd qtrs Full yrs

Editorial Corrections (various)

The IASB periodically issues Editorial Corrections and changes to IFRSs and other pronouncements. Since the beginning of calendar 2012, such corrections have been made in February 2012, July 2012, March 2013, September 2013, November 2013 and March 2014, September 2014, December 2014, March 2015, April 2015, September 2015, December 2015, March 2016, May 2016, September 2016, December 2016, September 2017, November 2017, December 2018, March 2019, May 2019, December 2019, July 2020, September 2020, October 2020, November 2020, June 2021, October 2021, December 2021, February 2022, July 2022, September 2022, August 2023 and September 2023.

Note: For details of these editorial corrections, see our IASB editorial corrections page.

As minor editorial corrections, these changes are effectively immediately applicable under IFRS See comment in previous column
Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4)
Amends IFRS 4 Insurance Contracts provide two options for entities that issue insurance contracts within the scope of IFRS 4:
  • an option that permits entities to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets; this is the so-called overlay approach;
  • an optional temporary exemption from applying IFRS 9 for entities whose predominant activity is issuing contracts within the scope of IFRS 4; this is the so-called deferral approach.
The application of both approaches is optional and an entity is permitted to stop applying them before the new insurance contracts standard is applied.
Issued: 12 September 2016 (article, newsletter)

Overlay approach to be applied when IFRS 9 is first applied. Deferral approach effective for annual periods beginning on or after 1 January 2018 and only available for five years after that.

In June 2020 the IASB issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) which changes the fixed expiry date for the temporary exemption (the deferral approach) in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

 

Option no longer available

Option no longer available

Optional

Optional

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current

Issued: 23 January 2020 (article)

Annual reporting periods beginning on or after 1 January 2024 (see 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)' below). Original effective date 1 January 2022.

.

 

 

 

 

Optional

Not yet endorsed for use in the EU.

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)

The amendments amend IAS 16 to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss.

Issued: 14 May 2020 (article, newsletter)

Annual reporting periods beginning on or after 1 January 2022

Aleady applied in prior year (April 2022)

Aleady applied in prior year (January 2022)

Mandatory

Mandatory

Annual Improvements 2018-2020 Cycle

Makes amendments to the following standards:

  • IFRS 1 First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter. The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRSs.
  • IFRS 9 Financial Instruments - Fees in the ‘10 per cent’ test for derecognition of financial liabilities. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognise a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf.
  • IFRS 16 Leases - Lease incentives. The amendment to Illustrative Example 13 accompanying IFRS 16 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.
  • IAS 41 Agriculture - Taxation in fair value measurements. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in IFRS 13.

Issued: 14 May 2020 (article, newsletter)

The amendments to IFRS 1, IFRS 9, and IAS 41 are all effective for annual periods beginning on or after 1 January 2022. Early application is permitted. The amendment to IFRS 16 only regards an illustrative example, so no effective date is stated.

 

 

Aleady applied in prior year (April 2022)

Aleady applied in prior year (January 2022)

Mandatory

Mandatory

Reference to the Conceptual Framework (Amendments to IFRS 3)

The changes:

  • update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework;
  • add to IFRS 3 a requirement that, for transactions and other events within the scope of IAS 37 or IFRIC 21, an acquirer applies IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination; and
  • add to IFRS 3 an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination.

Issued: 14 May 2020 (article, newsletter)

The amendments are effective for annual periods beginning on or after 1 January 2022. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework) at the same time or earlier

 

 

Aleady applied in prior year (April 2022)

Aleady applied in prior year (January 2022)

Mandatory

Mandatory

Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)

The changes specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

Issued: 14 MAy 2020 (article, newsletter)

Annual reporting periods beginning on or after 1 January 2022. 

 

Aleady applied in prior year (April 2022)

Aleady applied in prior year (January 2022)

Mandatory

Mandatory

Amendments to IFRS 17

Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017.

The main changes are:

  • Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023
  • Additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk.
  • Recognition of insurance acquisition cash flows relating to expected contract renewals, including transition provisions and guidance for insurance acquisition cash flows recognised in a business acquired in a business combination.
  • Clarification of the application of IFRS 17 in interim financial statements allowing an accounting policy choice at a reporting entity level.
  • Clarification of the application of contractual service margin (CSM) attributable to investment-return service and investment-related service and changes to the corresponding disclosure requirements.
  • Extension of the risk mitigation option to include reinsurance contracts held and non-financial derivatives.
  • Amendments to require an entity that at initial recognition recognises losses on onerous insurance contracts issued to also recognise a gain on reinsurance contracts held.
  • Simplified presentation of insurance contracts in the statement of financial position so that entities would present insurance contract assets and liabilities in the statement of financial position determined using portfolios of insurance contracts rather than groups of insurance contracts.
  • Additional transition relief for business combinations and additional transition relief for the date of application of the risk mitigation option and the use of the fair value transition approach.
  • Several small amendments regarding minor application issues.

Issued: 25 June 2020 (article)

 

The amendment is effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted.

 

Mandatory

Mandatory

Optional

Optional

Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)

The amendment changes the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

Issued: 25 June 2020 (article)

In June 2020 the IASB issued Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) which changes the fixed expiry date for the temporary exemption (the deferral approach) in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

Option no longer available

Option no longer available

Optional

Optional

'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)'

The amendment defers the effective date of the January 2020 amendments (see above) by one year.

Issued: 15 July 2020 (article)

 

The changes in Classification of Liabilities as Current or Non-current — Deferral of Effective Date defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023. Earlier application of the January 2020 amendments continue to be permitted.  The effective date has since been amended to 1 January 2024.

.

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. Examples of when an accounting policy is likely to be material are added. To support the amendment, the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

Issued: 12 February 2021 (article)

Annual reporting periods beginning on or after 1 January 2023.  Early application is permitted.  

 

 

 

 

Mandatory

Mandatory

Optional

Optional

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.

The amendments provide an exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which both deductible and taxable temporary differences arise on initial recognition that result in the recognition of equal deferred tax assets and liabilities.

Issued: 7 May 2021 (article)

Annual reporting periods beginning on or after 1 January 2023.  Earlier application is permitted.

Mandatory

Mandatory

Optional

Optional

Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)


The amendment permits entities that first apply IFRS 17 and IFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset before.

Issued: 9 December 2021 (article)

An entity that elects to apply the amendment applies it when it first applies IFRS 17

 

 

 

 

Optional 

Optional 

Optional 

Optional 

Definition of Accounting Estimates (Amendments to IAS 8)

The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendments clarify that a change in accounting estimate that results from new information or new developments is not the correction of an error.

Issued: 12 February 2021 (article)

 

 

Annual reporting periods beginning on or after 1 January 2023.  Earlier application is permitted.

 

 

Mandatory

Mandatory

Optional

Optional

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

Issued: 22 September 2022 (article)

Annual reporting periods beginning on or after 1 January 2024, with earlier application permitted.  Not yet endorsed for use in the EU.

Optional in UK.   Not yet endorsed for use in the EU.

Optional in UK.   Not yet endorsed for use in the EU

Optional in UK.   Not yet endorsed for use in the EU

Optional in UK.   Not yet endorsed for use in the EU

Non-current Liabilities with Covenants (Amendments to IAS 1)

The amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.

Issued: 31 October 2022 (article)

Annual reporting periods beginning on or after 1 January 2024.  .

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

Optional

Not yet endorsed for use in the EU

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) - application of the exception and disclosure of that fact

The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes.

Issued: 23 May 2023 (article)

Endorsed for use in the UK on 19 July 2023 with retrospective application

Mandatory

Mandatory

Mandatory

Mandatory

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) - other disclosure requirements

The amendments provide a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes.

Issued: 23 May 2023 (article)

Disclosure requirements are effective for annual reporting periods beginning on or after 1 January 2023, but not required for any interim period ending on or before 31 December 2023.#

 

Not required

Not required

Optional

Optional

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

The amendments add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that ask entities to provide qualitative and quantitative information about supplier finance arrangements

Issued: 25 May 2023 (article)

 

Annual reporting periods beginning on or after 1 January 2024.  Not yet endorsed for use in the EU or the UK.

Lack of Exchangeability (Amendments to IAS 21)

The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Issued: 15 August 2023 (article)

Annual reporting periods beginning on or after 1 January 2025 with earlier application permitted.  Not yet endorsed for use in the EU or the UK.

# Whilst the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, they are not required for any interim period ending on or before 31 December 2023.  However, 30 June 2023 half-yearly financial reporters should determine the nature and extent of disclosures to be made considering the broader requirements in IAS 34 Interim Financial Reporting to disclose significant events since the end of the last annual reporting period.  

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.