Navigating the changes to International Financial Reporting Standards

Identifying the changes that will affect you

The effective dates table has been colour coded within the document to help entities planning for a specific financial reporting year-end and identifies:

• changes mandatorily effective for the first time
• changes not yet effective
• changes already in effect.

Where a change is not yet mandatorily effective for a particular year-end, it may still be possible for an entity to adopt it early (depending on local legislation and the
requirements of the particular change in concern).

Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. Disclosures required include the fact that the new or amended Standard or Interpretation has been issued but it has not yet been applied and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.

Identifying the commercial significance of the changes in the publication

For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:

• how many entities will be affected?
• what will be the impact on affected entities?

A traffic light system in the publication indicates our assessment of the answers to these questions.