The 2021 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2020 and 31 December 2020.
The publication now covers 31 March 2020, 30 June 2020, 30 September 2020, 31 December 2020 and 31 March 2021 financial year ends.
IFRS 16: Leases - 1 January 2019
IFRS 9: Payment features with negative compensation - 1 January 2019
IAS 28: Long-term interests in associates and joint ventures - 1 January 2019
IFRIC 23: Uncertainty over income tax treatments - 1 January 2019
IAS 12, IAS 23, IFRS 3, IFRS 11: Annual improvements to IFRS 2015-17 cycle - 1 January 2019
IAS 19: Plan amendment, curtailment or settlement - 1 January 2019
Various: Amendments to references to the conceptual framework in IFRS Standards - 1 January 2020
IFRS 3: Definition of a business - 1 January 2020
IAS 1, IAS 8: Definition of material - 1 January 2020
IFRS 9, IAS 39, IFRS 7: Interest rate benchmark reform - 1 January 2020
IFRS 16: COVID-19 related rent concessions - 1 June 2020
Various interest rate benchmark reform phase 2 - 1 January 2021
IFRS 3: References to the Conceptual Framework - 1 January 2022
IAS 16: Proceeds before intended use - 1 January 2022
IAS 37: Onerous contracts – cost of fulfilling a contract - 1 January 2022
IFRS 1, IFRS 9, IFRS 16, IAS 41: Annual improvements to IFRS Standards 2018-20 cycle - 1 January 2022
IFRS 17: Insurance contracts - 1 January 2023
IFRS 4: Extension of the temporary exemption from applying IFRS 9 - 1 January 2023
IAS 1: Classification of liabilities as current or non-current - 1 January 2023
The effective dates table has been colour coded within the document to help entities planning for a specific financial reporting year-end and identifies:
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
requirements of the particular change in concern).
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.
For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:
A traffic light system in the publication indicates our assessment of the answers to these questions.
If you would like help to navigate the IFRS Standards please speak to your usual Grant Thornton contact or visit our locations page to find your local member firm.
