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Newly effective IFRS® Accounting Standards
Newly effective requirements
| Effective date | New accounting standards or amendments | KPMG guidance |
| 1 January 2023 | IFRS 17 Insurance Contracts | Insights into IFRS (Chapter 8.1), IFRS 17 topic page |
| Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 | Insights into IFRS (1.2.40, 2.1.10, 2.8.45), web article, talkbook | |
| Definition of Accounting Estimates – Amendments to IAS 8 | Insights into IFRS (2.8.100–110), web article | |
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 | Insights into IFRS (3.13.210, 6.1.925), web article | |
| 23 May 2023* | International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 | Insights into IFRS (3.13.43, 80, 645), web article, talkbook |
Forthcoming requirements
| Effective date | New accounting standards or amendments | KPMG guidance |
| 1 January 2024 | Non-current Liabilities with Covenants – Amendments to IAS 1 and Classification of Liabilities as Current or Non-current – Amendments to IAS 1 | Insights into IFRS (2.9.45, 3.1.47, 7.10.55), web article |
| Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 | Insights into IFRS (5.1.595), web article, Leases – Sale and leaseback | |
| Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7 | Insights into IFRS (2.3.195, 7.10.657), web article | |
| IFRS S1** General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2** Climate-related Disclosures | Web article | |
| 1 January 2025 | Lack of Exchangeability – Amendments to IAS 21 | Insights into IFRS (2.7.390), web article |
| Available for optional adoption/effective date deferred indefinitely*** | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28 |
* The amendments introduce a relief from deferred tax accounting for the global minimum top-up tax under Pillar Two, which applies immediately, and new disclosure requirements, which apply from 31 December 2023. No disclosures are required in interim periods ending on or before 31 December 2023.
** The implementation and the effective dates of IFRS Sustainability Disclosure Standards are subject to local regulation.
*** The effective date for these amendments was deferred indefinitely. Early adoption continues to be permitted.
For helpful, up-to-date guidance on the key aspects of financial reporting, including all of the most recent developments in IFRS® Accounting Standards, see our publication Insights into IFRS.