Adoption Status Report 2nd December 2022
2 December 2022
| Description | IASB Issue date | IASB Effective date | Link to UKEB project page |
|---|---|---|---|
| STANDARDS | |||
| AMENDMENTS | |||
| Amendments to IAS 1 Presentation of Financial Statements | 31 October 2022 | 1 January 2024 | Project page |
| * Non-current Liabilities with Covenants | |||
| * Deferral of Effective Date Amendment (published 15 July 2020) | |||
| * Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) (published 23 January 2020) | |||
| Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) | 22 September 2022 | 1 January 2024 | Project page |
2022 list of UK Adoptions
| Standard/Amendment | UKEB Adoption date | UK-adopted international accounting standard publication | IASB Effective date |
|---|---|---|---|
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) | 30 November 2022 | 2 December 2022 | 1 January 2023 |
| Definition of Accounting Estimates (Amendments to IAS 8) | 30 November 2022 | 2 December 2022 | 1 January 2023 |
| Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) | 30 November 2022 | 2 December 2022 | 1 January 2023 |
| IFRS 17 Insurance Contracts | 16 May 2022 | 17 May 2022 | 1 January 2023 |
| * Amendments to IFRS 17 | |||
| * Initial Application of IFRS 17 and IFRS 9—Comparative Information | |||
| Annual Improvements to IFRS 2018–2020: | 12 April 2022 | 13 April 2022 | 1 January 2022 |
| * Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards—Subsidiary as a First-time Adopter. | |||
| * Amendment to IFRS 9 Financial Instruments—Fees in the '10 per cent' Test for Derecognition of Financial Liabilities. | |||
| * Amendment to IAS 41 Agriculture—Taxation in Fair Value Measurements. | |||
| Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) | 12 April 2022 | 13 April 2022 | 1 January 2022 |
| Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) | 12 April 2022 | 13 April 2022 | 1 January 2022 |
| Reference to the Conceptual Framework (Amendments to IFRS 3) | 12 April 2022 | 13 April 2022 | 1 January 2022 |
2021 list of UK Adoptions
| Standard/Amendment | Secretary of State adoption date | UK-adopted international accounting standard publication | IASB Effective date |
|---|---|---|---|
| Covid-19-related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16) | 12 May 2021 | 12 May 2021 | 1 April 2021 |
| Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) | 5 January 2021 | 6 January 2021 | 1 January 2021 |
| Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)2 | 5 January 2021 | 6 January 2021 | —3 |
Footnotes
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Link to UKEB Work Plan ↩
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The Amendments were adopted in the EU by Commission Regulation (EU) 2020/2097 of 15 December 2020. However, the Regulation does not come into force until 20 days after publication in the Official Journal, which was after the end of the Transition Period. Consequently, it was necessary for the Amendments to be adopted in the UK. This corrects the position reflected in the 18 December 2020 UKEB Adoption status report. ↩
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The Amendments may be used by eligible entities for financial years beginning before 1 January 2023. ↩