This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2022 calendar year-end and subsequent accounting periods.
Entities are, however, generally permitted to adopt the new and revised Standards and Interpretations in advance of their effective dates (refer to individual Standards and Interpretations for additional details).
A word of caution regarding early adoption of Standards and Interpretations in the case of entities that prepare financial statements under IFRS as adopted by the European Union (EU). Standards, Interpretations and amendments to the existing standards, which were not endorsed for use in the EU, cannot be applied by the entities preparing their financial statements in accordance with IFRS as adopted by the EU.
Where applicable, we have made reference to past issues of Accounting News dealing with the specific Standard or Interpretation in greater detail. These past newsletters are also available at www.dReport.cz. As always, entities should refer to the Standards and Interpretations themselves to identify all of the changes that may affect their particular circumstances.
Where a Standard or Interpretation is adopted in advance of its effective date, disclosure of that fact is generally required.
Even where there is no intention to implement a Standard or Interpretation in advance of its effective date, entities need to be aware of new Standards and Interpretations as they are issued in order to comply with the requirement included in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to disclose in their financial statements the potential impact of Standards and Interpretations in issue but not yet effective. In the case of entities that prepare financial statements under IFRS as adopted by the EU, this requirement is valid also for Standards and Interpretations not yet endorsed in the EU.
We, therefore, recommend reviewing further newly issued amendments to standards and interpretations that will be approved by the date of the issuance of a company’s financial statements. We will be providing updates on these developments on www.iasplus.com and in our Accounting News.
The effective dates of IFRSs issued by the IASB and IFRSs as adopted by the EU can be different.
New and Revised Standards
The following tables provide a list of new and revised Standards in issue as of 20 January 2023 that are either effective or available for early adoption for the 31 December 2022 calendar year-end.
All of the newsletters referred to may be found here.
Effective for the 31 December 2022 year-end
Available for early adoption for the 31 December 2022 year-end
(Entities that prepare financial statements under IFRS as adopted by the EU can early adopt only amendments already adopted for use in the EU.)
In the special edition of iGAAP in Focus – Closing out 2022, you can find financial reporting issues that may be relevant for years ending on or after 31 December 2022 in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and changes in accounting standards applicable to this year-end.
This 13-page publication covers the following topics:
- Uncertainty and financial reporting (increases in energy prices, general inflation and interest rate rises, government interventions, restrictions on access to markets and cessation of operations)
- Climate-related risks in financial statements
- Sustainability and climate corporate reporting developments
- Currency and hyperinflation
- Other reporting considerations (events after the reporting date, disclosure of significant judgements and key sources of estimation uncertainty, going concern)
- Significant agenda decisions from the IFRS Interpretations Committee