Newly effective requirements in financial year
2023
International Financial Reporting Standards (IFRS) are
constantly evolving, providing new ways for businesses to present
their financial position and performance. This article explores the
newly effective requirements for financial reporting periods
beginning on or after 1 January 2023, with earlier application
generally permitted.
IAS 8 - Definition of accounting estimates
In terms of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors, changes in accounting policies are
generally applied retrospectively whilst changes in accounting
estimates are applied prospectively. However, the International
Accounting Standards Board ("the Board") has noted
diversity in practice in making a distinction between estimates and
accounting policies and has thus issued an amendment to clarify the
definition of estimates.
