Editorial Corrections (various)

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.

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Mandatory

Optional

Optional

Optional

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.

Already applied in the prior year (January 2023)

Mandatory

Mandatory

Mandatory

'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.

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Mandatory

Optional

Optional

Optional

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.  

Already applied in the prior year (January 2023)

Mandatory

Mandatory

Mandatory

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.

Already applied in the prior year (January 2023)

Mandatory

Mandatory

Mandatory

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.

Already applied in the prior year (January 2023)

Mandatory

Mandatory

Mandatory

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.  

Mandatory

Optional

Optional

Optional

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.  .

Mandatory

Optional

Optional

Optional

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)

Mandatory

Mandatory

Mandatory

Mandatory

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.

Mandatory

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

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.

The amendments remove and replace jurisdiction-specific references and definitions in the SASB standards, without substantially altering industries, topics or metrics

Issued: 19 December 2023 (article)

Annual reporting periods beginning on or after 1 January 2025.  Not endorsed for use in the UK.  Will not be endorsed for use in the EU