2019 International Financial Reporting Standards (IFRS) Updates

2019 International Financial Reporting Standards (IFRS) Updates

New and revised IFRS Standards and Interpretations mandatorily effective for years ending 31 December 2019

Here is a listing of the IFRS standards for which the updates/amendments are effective for reporting period ending 31 December 2019.

New Standards
IFRS 16 Leases

Amended Standards
Amendments to IAS 19 – Plan Amendment, Curtailment or Settlement
Amendments to IAS 28 – Long-term interests in Associates and Joint Ventures
Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 23 issued in the Annual Improvement Cycle 2015-2017
Amendments to IFRS 9 -Prepayment Features with Negative Compensation

IFRIC Interpretations
IFRIC 23 Uncertainty over Income Tax Treatments


New and revised IFRS Standards and Interpretations available for early application in years ending 31 December 2019

Paragraph 30 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requires entities to consider and disclose the potential impact of new and revised IFRS Standards that have been issued but are not yet effective. Therefore, please take into account a review of upcoming changes stated below:
 
IFRS Effective date – periods commencing on or after:
   
New Standards  
IFRS 14 Regulatory Deferral Accounts First time adopters whose first annual IFRS financial statements are for a period beginning on or after j January 2016.
IFRS 17 Insurance Contracts 1 January 2021*
   
Amended Standards  
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between and Investor and its Associate or Joint Venture The IASB decided in December 2015 to defer indefinitely the effective date of these amendments.
Amendments to the Conceptual Framework for Financial Reporting, including amendments to references to the Conceptual Framework in IFRS Standards 1 January 2020
Amendments to IFRS 3 – Definition of Business 1 January 2020
Amendments to IAS 1 and IAS 8 – Definition of Material 1 January 2020
Amendments to IAS 39, IFRS 7 and IFRS 9 – Interest Rate Benchmark Reform 1 January 2020

* In June 2019, the IASB issued Exposure Draft Amendments to IFRS 17. In this Exposure Draft, the IASB proposes to defer the mandatory effective date of IFRS 17 by one year, so that entities would be required to apply IFRS 17 for annual period beginning on or after 1 January 2022 and that the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 should be amended so that all entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2020.
 

27 Jan 2020

This site uses cookies to improve your experience and collect user statistics. By continuing your visit to this site, you accept this use of cookies