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Accounting standards, IFRIC interpretations and other guidance applicable to 31 March 2024 year ends
Publication date: 29 Feb 2024
uk March 2024 Year end reminders
IFRS 17, 'Insurance contracts' as amended in December 2021
This standard replaces IFRS 4, which permitted a wide variety of practices in accounting for insurance contracts. IFRS 17 fundamentally changes the accounting by all entities that issue insurance contracts. See IFRS Manual of accounting chapter 50A for further details.
IFRS 17, ‘Insurance Contracts’, applies to insurance contracts regardless of the entity that issues them, and so it does not apply only to traditional insurance entities. See UK In depth INT2022-14 for guidance on how to identify whether a contract is an insurance contract in scope of IFRS 17.
Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8
The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. For further details see IFRS Manual of accounting para 4.150.
Amendment to IAS 12 - deferred tax related to assets and liabilities arising from a single transaction
These amendments require entities to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. For further details see FAQ 14.18.1.
Amendment to IAS 12 - International tax reform
These amendments give entities temporary relief from accounting for deferred taxes arising from the (‘Minimum Tax Implementation Handbook ) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. For further details see UK In depth INT2023-10. There are also equivalent amendments to FRS 101 and FRS 102.
Amendment to FRS 101 Reduced Disclosure Framework – Effective date of IFRS 17
These amendments allow relevant insurers to continue to apply FRS 101 for a further two years.
Amendments to FRS 101 and FRS 102 - International tax reform
The ‘Minimum Tax Implementation Handbook’ introduces a global system of interlocking top-up taxes that aim to ensure that large multinational groups pay a minimum amount of income tax. These amendments to FRS 102 introduce a temporary exception to the accounting for deferred taxes arising from the implementation ‘Minimum Tax Implementation’ Handbook, alongside targeted disclosure requirements.
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