Paragraph 30 of IAS 8 requires an entity to disclose if there are new accounting standards that are issued but not yet effective, and information relevant to assessing the possible impact that the application of the new accounting standards will have on the entity’s financial statements. This summary includes all new accounting standards and amendments issued before 31 March 2024 with an effective date for accounting periods beginning on or after 1 April 2024.
Amendment to IFRS 16 – Leases on sale and leaseback
These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. For further details see IFRS Manual of Accounting para 15.155.1.
September 2022
Effective date
Annual periods beginning on or after 1 January 2024.
Amendment to IAS 1 – Non-current liabilities with covenants
These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. For further details see In brief INT2022-16.
January 2020 and November 2022
Effective date
Annual periods beginning on or after 1 January 2024
Amendment to IAS 7 and IFRS 7 – Supplier finance
These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on an entity’s liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB’s response to investors’ concerns that some companies’ supplier finance arrangements are not sufficiently visible, hindering investors’ analysis. For further details see In brief INT2023-03.
May 2023
Effective date
Annual periods beginning on or after 1 January 2024 (with transitional reliefs in the first year)
Amendments to IAS 21 – Lack of Exchangeability
An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. For further details see In brief INT2023-19.
August 2023
Effective date
Annual periods beginning on or after 1 January 2025 (early adoption is available)
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