New ifrs standards

The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for financial reporting. The IFRS standards are widely adopted by companies around the world, and new standards are being issued regularly to address emerging issues and improve financial reporting.

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

  1. IFRS 17 Insurance Contracts: This standard replaces IFRS 4 and provides a new framework for insurance contracts. It is effective for annual periods beginning on or after January 1, 2023.
  2. IFRS 16 Leases: This standard replaces IAS 17 and requires lessees to recognize assets and liabilities for 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: This standard replaces IAS 39 and provides a new framework for financial instruments. It is effective for annual periods beginning on or after January 1, 2018.
  4. IFRS 15 Revenue from Contracts with Customers: 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: This standard provides guidance on measuring fair value and is effective for annual periods beginning on or after January 1, 2013.
  6. IFRS 2 Share-Based Payments: This standard provides guidance on accounting for share-based payments and is effective for annual periods beginning on or after January 1, 2005.
  7. IFRS 10 Consolidated Financial Statements: This standard provides guidance on consolidated financial statements and is effective for annual periods beginning on or after January 1, 2013.
  8. IFRS 11 Joint Arrangements: This standard provides guidance on joint arrangements and is effective for annual periods beginning on or after January 1, 2013.
  9. IFRS 12 Disclosure of Interests in Other Entities: This standard provides guidance on disclosure of interests in other entities and is effective for annual periods beginning on or after January 1, 2013.
  10. IFRS 14 Regulatory Deferral Accounts: This standard provides guidance on regulatory deferral accounts and is effective for annual periods beginning on or after January 1, 2016.

These are just a few examples of the new IFRS standards that have been issued or are expected to be issued in the near future. It's important for companies to stay up-to-date with the latest developments in IFRS standards to ensure compliance and to provide high-quality financial reporting.