IFRS and IAS are international financial reporting standards which companies must follow when preparing and disclosing their financial statements. International Accounting Standards Board (IASB) published several new changes and amendments to IAS1, IAS8, IAS12 a IFRS 17.
Hereby, we bring you a summary of the most significant changes valid from January 1, 2023.
Amendments to IAS1 and IFRS Practice statement 2
New amendments have been issued relating to disclosures in financial standards.
The aim is to aid with decision as to which accounting policies to disclose in financial standards in order to provide more useful information to the users of the standards.
Companies should review or amend their accounting policy disclosures to ensure the consistency with the updated standard.
Changes in IAS 8: Amendments to accounting policies, changes in accounting estimates and errors
The Board also issued amendments to IAS 8 to help with distinguishing between changes in accounting policies and changes in accounting estimates.
IAS 12: Amendments to deferred tax related to assets and liabilities arising from a Single transaction
The aim is to provide clarification on how to account for deferred tax on transaction such as leases. This should reduce the diversity in accounting.
IFRS 17: Amendments to Insurance contracts
Not sure if these obligations apply to your business? Read more about who must prepare financial statements in accordance with IFRS in our article.
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