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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 For further details see UK In brief INT2022-16.
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Published
| November 2022
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Effective date
| Annual periods beginning on or after 1 January 2024.
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UK and EU Endorsement status*
| Endorsed
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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.
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Published
| September 2022
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Effective date
| Annual periods beginning on or after 1 January 2024.
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UK and EU Endorsement status*
| Endorsed
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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 UK In brief INT2023-03.
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Published
| May 2023
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Effective date
| Annual periods beginning on or after 1 January 2024
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UK and EU Endorsement status*
| Endorsed
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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 UK In brief INT2023-19.
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Published
| August 2023
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Effective date
| Annual periods beginning on or after 1 January 2025
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UK and EU Endorsement status*
| Not yet endorsed
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