New accounting standards

Here are some new accounting standards that have been issued or are expected to be issued in the near future:

  1. IFRS 17 Insurance Contracts: Issued in May 2017, this standard replaces IFRS 4 and provides a single, comprehensive framework for insurance contracts. It is effective for annual periods beginning on or after January 1, 2023.
  2. IFRS 16 Leases: Issued in January 2016, this standard requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months. It is effective for annual periods beginning on or after January 1, 2019.
  3. IFRS 9 Financial Instruments: Issued in July 2014, this standard replaces IAS 39 and provides a new framework for the recognition and measurement of financial instruments. It is effective for annual periods beginning on or after January 1, 2018.
  4. IFRS 15 Revenue from Contracts with Customers: Issued in May 2014, this standard provides a new framework for recognizing revenue from contracts with customers. It is effective for annual periods beginning on or after January 1, 2018.
  5. IFRS 13 Fair Value Measurement: Issued in May 2011, this standard provides a framework for measuring fair value and is effective for annual periods beginning on or after January 1, 2013.
  6. IFRS 10 Consolidated Financial Statements: Issued in May 2011, this standard provides a framework for preparing consolidated financial statements and is effective for annual periods beginning on or after January 1, 2013.
  7. IFRS 11 Joint Arrangements: Issued in May 2011, this standard provides a framework for accounting for joint arrangements and is effective for annual periods beginning on or after January 1, 2013.
  8. IFRS 12 Disclosure of Interests in Other Entities: Issued in May 2011, this standard provides guidance on the disclosure of interests in other entities and is effective for annual periods beginning on or after January 1, 2013.
  9. IFRS 14 Regulatory Deferral Accounts: Issued in December 2014, this standard provides guidance on the accounting for regulatory deferral accounts and is effective for annual periods beginning on or after January 1, 2016.
  10. IFRS 16 Leases (Amendments): Issued in June 2019, this standard provides additional guidance on the application of IFRS 16 Leases and is effective for annual periods beginning on or after January 1, 2020.

These are just a few examples of new accounting standards that have been issued or are expected to be issued in the near future. It's essential for companies to stay up-to-date with the latest developments in accounting standards to ensure compliance and maintain the integrity of their financial reporting.