Adoption Status Report 17th May 2022

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Publication date
17 May 2022
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UKEB Endorsement Board 17 May 2022

STANDARDS IASB Issue date IASB Effective date Link to UKEB project page1
AMENDMENTS
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) 7 May 2021 1 January 2023 Project page
Definition of Accounting Estimates (Amendments to IAS 8) 12 February 2021 1 January 2023 Project page
Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) 12 February 2021 1 January 2023 Project page
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) and Deferral of Effective Date Amendment 23 January 2020
15 July 2020		 Deferred until not earlier than
1 January 20242		 Project page

UKEB Endorsement Board 17 April 2022

2022 list of UK Adoptions

Item Description UKEB Adoption date UK-adopted international accounting standard publication IASB Effective date
* IFRS 17 Insurance Contracts
Amendments to IFRS 17
 Initial Application of IFRS 17 and IFRS 9—Comparative Information		 16 May 2022 17 May 2022 1 January 2023
Annual Improvements to IFRS 2018–2020:
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.		 12 April 2022 13 April 2022 1 January 2022
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

UKEB Endorsement Board

2021 list of UK Adoptions

Item Description 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)3 5 January 2021 6 January 2021 —4

Footnotes

  1. Link to UKEB Work Plan ↩

  2. ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) published in November 2021 proposes this deferral. ↩

  3. 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. ↩

  4. The Amendments may be used by eligible entities for financial years beginning before 1 January 2023. ↩