IFRS update – October 2022
This series of publications sets out the current standards, amendments and interpretations in issue by the International Accounting Standards Board, effective now and beyond.
The publications include:
- Overviews of the new and amended standards and interpretations in issue
- Summaries of the requirements of each new and amended standard
- Details on post-implementation review (PIRs)
- Summaries of other useful publications for IFRS reporters
What’s new for this month
- EU endorsement of:
- IFRS 17 Insurance Contracts (Amendment): Initial Application of IFRS 17 and IFRS 9 – Comparative Information
- Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
- New amendment published by the IASB, including summary of the requirements:
- Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
- IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenant. This also confirms the effective date for the amendments in relation to the classification of liabilities as current or non-current as 1 January 2024
- New requirements published by the FCA, including summary of the requirements:
- Policy Statement: Diversity and inclusion on company boards and executive management.
