2020
- Effective date of IBOR reform Phase 1 amendments from Jan 01, 2020 02:00 AM to Jan 01, 2020 10:00 PM — effective date,
- On 26 September 2019, the IASB issued 'Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)' as a first reaction to the potential effects the IBOR reform could have on financial reporting. The amendments are effective for annual reporting periods beginning on or after 1 January 2020.
- Effective date of IFRS 3 amendments from Jan 01, 2020 02:00 AM to Jan 01, 2020 10:00 PM — Effective date,
- On 22 October 2018, the IASB issued 'Definition of a Business (Amendments to IFRS 3)' aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020.
- Effective date of IFRS 16 amendment from Jun 01, 2020 01:00 AM to Jun 01, 2020 09:00 PM — Effective date,
- On 28 May 2020, the IASB published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. The amendment is effective for annual reporting periods beginning on or after 1 June 2020.
- Effective date of new materiality definition from Jan 01, 2020 02:00 AM to Jan 01, 2020 10:00 PM — effective date,
- On 31 October 2018, the IASB issued 'Definition of Material (Amendments to IAS 1 and IAS 8)' to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective annual reporting periods beginning on or after 1 January 2020.
- Effective date of updated references to the Conceptual Framework from Jan 01, 2020 02:00 AM to Jan 01, 2020 10:00 PM — Effective date,
- Together with the revised 'Conceptual Framework' published in March 2018, the IASB also issued 'Amendments to References to the Conceptual Framework in IFRS Standards'. The amendments are effective for annual periods beginning on or after 1 January 2020.