2022 was relatively quiet in terms of newly effective or issued IFRS Accounting Standards and amendments. Amendments effective in 2022 affect onerous contracts and proceeds received before the intended use of property, plant and equipment. Amendments related to debt with covenants and sale-and-leaseback transactions were issued this year but are effective only in 2024. Preparers should, however, get ready for IFRS 17, Insurance Contracts, which becomes effective in 2023. Our semi-annual outlook is a quick aid to help preparers in the US keep track of coming changes to IFRS Accounting Standards and assess the relevance to their financial statements.
The following summaries highlight new authoritative guidance issued by the International Accounting Standards Board (IASB®), provide a high-level comparison to US GAAP, and identify resources for further reading. The content is organized by effective dates:1
Financial statement preparers may also find our IFRS Accounting Standards applicability tool a helpful resource to identify the list of standards to apply for the first time, and those that are available for early adoption.
As a reminder, to be in compliance with IFRS Accounting Standards, companies also need to timely implement all IFRS Interpretations Committee Agenda Decisions. Read the KPMG Perspectives article for a summary of 2022 Agenda Decisions.
And in On the radar, we highlight the IASB priorities for the 2022-2026 period, following its latest Agenda Consultation. See also the IFRS Foundation work plan for other projects that are currently in progress.