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Under paragraph 30 of IAS 8 entities need to disclose any new IFRSs that are issued but not yet effective and that are likely to impact the entity. IFRS 17 as amended in June 2020 applies to insurance contracts issued to reinsurance contracts issued and held and to investment contracts with discretionary participation features an entity that also issues insurance contracts. Since March 2019 the IASB has issued the following.

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New ifrs standards 2020. For completeness the publication specifically covers 31 March 2019 30 June 2019 30 September 2019 31 December 2019 and 31 March 2020 financial year ends. IFRS Taxonomy 2020 Amendments to IFRS 17 Extension of the Temporary Exemption from Applying IFRS 9 and Property Plant and EquipmentProceeds before Intended Use Amendments to IFRS 17 IFRS 4 and IAS 16. Amendments to IFRS 9 IAS 39 Financial instruments and IFRS 7 Financial instruments disclosure Interest rate benchmark reform.

This publication contains the IFRS update of standards and interpretations in issue at 30 September 2020. It can also be used for IFRS as adopted by the EU. IFRS Update of standards and interpretations in issue at 31 December 2020 2 Entities reporting under International Financial Reporting Standards IFRS continue to face a steady flow of new standards and interpretations.

It includes a quick reference table of each standardamendmentinterpretation categorised by the effective date whether early. IFRS 3 IFRS 15 IAS 1 IAS 21 IAS 12 IAS 7 IFRS 5 IAS 33. Background In May 2017 the IASB issued IFRS 17 a comprehensive new accounting standard for insurance contracts covering recognition and measurement presentation and disclosure.

Given the pervasive nature of IBOR-based contracts the reliefs could affect companies in all industries. On 14 May 2020 the IASB issued Annual Improvements to IFRS Standards 20182020. This guide summarises these amendments plus.

Annual Improvements to IFRS Standards 20182020 applicable for annual periods beginning on or after 1 January 2022 but not yet endorsed in the EU Standaarden en interpretaties toepasbaar voor het boekjaar beginnend op of na 1 januari 2020 Aanpassingen van IAS 1 en IAS 8 Definitie van materieel. The publication now covers 31 March 2019 30 June 2019 30 September 2019 31 December 2019 and 31 March 2020 financial year ends. Unlike IFRS Standards the guidance addressing long-duration contracts issued by insurers and reinsurers in US GAAP applies only to insurance entities.

The resulting changes range from significant amendments of fundamental principles to some minor changes. The 2020 edition of the publication has been updated for changes to International Financial Reporting Standards that have been published between 1 January 2019 to 31 December 2019. From the IFRS Institute December 4 2020 Responding quickly to the challenges of COVID-19 the International Accounting Standards Board the IASB Board deferred the effective dates for certain standards and amendments and granted relief to lessees in accounting for rent concessions.

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