Accounting Alerts

Navigating the Changes to International Financial Reporting Standards 2023 Edition

This Accounting Alert is issued to circulate Grant Thornton's Navigating the Changes to International Financial Reporting Standards 2023 Edition, a publication designed to give preparers and reviewers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

Overview

The 2023 edition of this publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between January 1, 2022 and December 31, 2022.  This publication now covers March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 financial year ends.

Identifying the changes that will affect entities

The effective dates table in the article has been color coded to help entities planning for a specific financial reporting year end, and identifies:

  • changes mandatorily effective for the first time;
  • changes not yet effective; and,
  • changes already in effect.

Where a change is not yet mandatorily effective for a particular year end, it may still be possible for an entity to adopt it early (depending on local legislation and the ability to be able to fully comply with all the requirements).

Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Disclosures required include the fact that the new or amended Standard or Interpretation has been issued but it has not yet been applied, and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.

Identifying the commercial significance of the changes in the publication

For each change covered in the publication, a section on the commercial impications of such change was included. These sections focus on two questions:

  • how many entities are expected to be affected?
  • what will be the impact on affected entities?

A traffic light system indicates our assessment of the answers to these questions.

 

See attached file for further details and information.