06 Dec 2021 2 min read
This amendment relates to financial assets relating to insurance contract liabilities for which comparative information presented on initial application of IFRS 17 and IFRS 9 has not been restated for IFRS 9. An entity can apply a classification overlay approach which is intended to achieve classification outcomes more consistent with what they would have been under IFRS 9.
In the comparative periods presented on initial application of IFRS 17 and IFRS 9, application of the amendment would be optional.
Narrow scope amendment is expected by the end of 2021.
IAS 7 sets out the requirements for presenting statements of cash flows. This article provides an overview of its objective, scope and key requirements.
This newsletter highlights IAS and IFRS amendments, proposed amendments, and decision points that have been released from April 2021 to October 2021.
In the April 2021 meeting, the IASB proposed amendments setting out accounting for when no foreign exchange rate exists. This amendment aims to help companies determine whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged. This article is part of our IFRS technical updates newsletter.
This amendment was released by the IASB on 7 May 2021. This amendment looks at the deferred tax related to assets and liabilities arising from a single transaction. This article is part of our IFRS technical updates newsletter.
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