IFRS Accounting Standards: Proposed amendments

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IFRS Accounting Standards: Proposed amendments

• 14 September 2023
• Accounting
• South African Accounting Academy

The proposed amendments included in the Exposure Draft Annual Improvements to IFRS Accounting Standards—Volume 11 relate to:

• IFRS 1 First-time Adoption of International Financial Reporting Standards—hedge accounting by a first-time adopter;

• IFRS 7 Financial Instruments: Disclosures—gain or loss on derecognition;

• Guidance on implementing IFRS 7:

  • introduction;

  • disclosure of deferred difference between fair value and transaction price;

  • credit risk disclosures;

• IFRS 9 Financial Instruments:

  • derecognition of lease liabilities;

  • transaction price;

• IFRS 10 Consolidated Financial Statements—determination of a ‘de facto agent’; and

• IAS 7 Statement of Cash Flows—cost method.

The comment deadline is 11 December 2023.

Click here to download the Exposure Draft:

https://www.ifrs.org/content/dam/ifrs/project/annual-improvements-volume-11/ed-iasb-2023-4-annual-improvements.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor and independent reviewer, you must consider your clients’ compliance with accounting standards.

• As an accountant and compiler of financial statements, you need to consider amendments to standards issued by the standard-setting bodies, e.g. IASB, IAASB, etc.

Relevance to Your Clients:

• An entity compiling filing financials needs to consider amendments to standards issued by the standard-setting bodies, e.g. IASB, IAASB, etc.

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