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 Accounting Standards 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 Accounting Standards 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 Accounting Standards 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 IFRS Accounting Standards issued by the IASB and IFRS  Accounting Standards as adopted by the EU can be different.

A note on IFRS terminology: the International Accounting Standards Board (IASB) issues IFRS Accounting Standards, these are IAS 1-IAS 41 and IFRS 1-IFRS 17. The International Sustainability Standards Board (ISSB) issues IFRS Sustainability Disclosure Standards, so far only IFRS S1 and IFRS S2 have been issued. It is no longer possible to use “IFRS” alone. In addition, the first time it appears in a document, it should be referred to with a registered trademark symbol, e.g. “IFRS® Accounting Standards”.

New and Revised Standards

The following tables provide a list of new and revised IFRS Accounting Standards in issue as of 20 January 2024 that are either effective or available for early adoption for the 31 December 2023 calendar year-end.

All of the newsletters referred to may be found here.

Effective for the 31 December 2023 year-end

Available for early adoption for the 31 December 2023 year-end

(Entities that prepare financial statements under IFRS Accounting Standards as adopted by the EU can early adopt only amendments already adopted for use in the EU.)

In the special edition of IFRS in Focus – Closing out 2023, you can find financial reporting issues that may be relevant for years ending on or after 31 December 2023 in view of the current environment and also highlight areas of regulatory focus and changes in IFRS Accounting Standards applicable to this year-end.

This 19-page publication covers the following topics:

• Uncertainty and financial reporting (general inflation and interest rate rises, volatility in energy prices, uncertainty and financial risks disclosures, uncertainty and fair value measurement and disclosure)
• Climate-related risks in financial statements
• Sustainability reporting developments
• Currency and hyperinflation
• Other reporting considerations (disclosure of significant judgements and key sources of estimation uncertainty, going concern, income tax and recognition of deferred tax assets, events after the reporting date)
• Significant agenda decisions from the IFRS Interpretations Committee

Sources: IFRS in Focus – Closing out 2023, www.iasplus.com