Insights

Navigating the changes to IFRS

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This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
Contents

The 2024 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2023 and 31 December 2023.

The publication now covers 31 March 2023, 30 June 2023, 30 September 2023, 31 December 2023 and 31 March 2024 financial year ends.

How to use the publication

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Based on Standards issued at 31 December 2023
  • IFRS 3: References to the Conceptual Framework (Amendments to IFRS 3) - 1 January 2022

  • IAS 16: Proceeds before Intended Use (Amendments to IAS 16) - 1 January 2022

  • IAS 37: Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) - 1 January 2022

  • IFRS 1, IFRS 9, IFRS 16 and IAS 41: Annual Improvements to IFRS Standards 2018-2020 Cycle (Amendments to IFRS 1, IFRS 9, IFRS 16, IAS 41) - 1 January 2022

  • IFRS 17: Amendments to IFRS 17 Insurance Contracts - 1 January 2023

  • IFRS 4: Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) - 1 January 2023

  • IFRS 17: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17) - 1 January 2023

  • IFRS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) - 1 January 2023

  • IAS 8: Definition of Accounting Estimates (Amendments to IAS 8) - 1 January 2023

  • IAS 1: Disclosure of Accounting Policies (Amendments to IAS 1 and Practice Statement 2) - 1 January 2023

  • IAS 12: International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) - 1 January 2023

  • IFRS for SMEs: International Tax Reform – Pillar Two Model Rules (Amendments to the IFRS for SMEs Standard) - 1 January 2023

  • IAS 1: Classification of Liabilities as Current or Non-current (Amendments to IAS 1) - 1 January 2024

  • IAS 1: Non-current Liabilities with Covenants (Amendments to IAS 1) - 1 January 2024

  • IFRS 16: Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - 1 January 2024

  • IAS 7 and IFRS 7: Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) - 1 January 2024

  • IAS 21: Lack of Exchangeability (Amendments to IAS 21) - 1 January 2025

The effective dates table lists all the changes covered in the publication and their effective dates, it has been colour coded in the pdf to help entities planning for a specific financial reporting year end, and identifies:

  • changes mandatorily effective for the first time 
  • changes not yet effective
  • changes already in effect

Where a change is not yet mandatorily effective for a particular year end, it may still be possible for an entity to adopt it early (depending on local legislation and the ability to be able to fully comply with all the requirements).

Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. Disclosures required include the fact that the new or amended Standard or Interpretation has been issued but it has not yet been applied, and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.

Identifying the commercial significance of the changes in the publication

For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:

  • how many entities will be affected?
  • what will be the impact on affected entities?

A traffic light system indicates our assessment of the answers to these questions.