Standards, interpretations, and amendments issued, but not yet to be applied

Covid-19-related Rent Concessions

Jan. 1, 2021^a

Practical expedient for lessee accounting of rent concessions granted due to the Covid-19 pandemic. Instead of assessing whether a rent concession is a lease modification, the lessee can account for the changes in lease payments as if they were not lease modifications.

Insurance Contracts – deferral of IFRS 9

Jan. 1, 2021

Deferral of first-time application of IFRS 9 for insurance companies.

Interest Rate Benchmark Reform (Phase 2)

Jan. 1, 2021

The amendments address the impact of modifications of financial instruments required as a direct consequence of IBOR reform, hedge accounting requirements, and the accompanying disclosures.

Proceeds before Intended Use

Jan. 1, 2022

The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Clarification of the definition of the costs of testing. Revenue and cost that relate to items produced that are not an output of the entity’s ordinary activities must be presented separately. Disclosure of the line item in the statement of comprehensive item that includes such revenue.

Provisions, Contingent Liabilities and Contingent Assets

Jan. 1, 2022

Clarification that the cost of fulfilling a contract includes all directly attributable costs. The cost of fulfilling the contract includes both the incremental costs of fulfilling that contract (such as direct wage and material costs) and an allocation of other costs that relate directly to fulfilling contracts. In addition, it is clarified that before a provision for an onerous contract is established, an entity should recognize any impairment loss that has occurred on assets used in (previously: dedicated to) fulfilling the contract.

Reference to the Conceptual Framework

Jan. 1, 2022

Reference to the revised IFRS Conceptual Framework. Requirement that, for identifying liabilities within the scope of IAS 37 or IFRIC 21, an acquirer should apply IAS 37 or IFRIC 21 (instead of the Conceptual Framework) to identify the liabilities it has assumed in a business combination. Addition of an explicit statement that an acquirer should not recognize contingent assets acquired in a business combination.

Annual Improvements to IFRSs 2018-2020 Cycle

Jan. 1, 2022

Revision of specific aspects in IFRS 1, IFRS 9, IFRS 16, and IAS 41

Insurance Contracts

Jan. 1, 2023

IFRS 17 governs the accounting for insurance contracts and replaces IFRS 4.

Insurance Contracts

Jan. 1, 2023

Deferral of first-time application of IFRS 17 to January 1, 2023. The fundamental principles under IFRS 17 remain unaffected. The amendments to the standard, which refer to specific topics, are aimed at helping entities implement the standard and, at the same time, avoiding a significant loss of useful information.

Presentation of Financial Statements

Jan. 1, 2023

Clarification of the classification of liabilities as current or non-current.