Version 11 - 2024 (CUD release)
- Financial period: 12-Months (Annual)
- Current compliance until: year end December 2024
- Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)
Legislative updates
Standards given but not yet effective in 2024.
Lack of exchangeability – amendments to IAS 21
- Addresses conflicts between IFRS 10 and IAS 28 regarding the loss of control of a subsidiary sold or contributed to an associate or joint venture.
Amendments to classification and measurement of financial instruments (IFRS 9 and IFRS 7)
- Clarifies that a financial liability is derecognized on the settlement date.
- Provides guidance on assessing the contractual cash flow characteristics of financial assets with ESG and similar contingent features.
IFRS 18 presentation and disclosure in financial statements
- Establishes requirements for presenting and disclosing information in general-purpose financial statements to ensure they provide relevant and faithful representation of an entity's financial position.
IFRS 19 subsidiaries without public accountability: Disclosures
- Specifies alternative disclosure requirements that an entity can apply instead of those in other IFRS Accounting Standards.
Updates to tax and operational notes for December 2024
- Updates to the percentages of withholding tax.
- Updates to the percentage of VAT.
You can submit an early application for these accounting standards.
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