AMMAN – HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Society of Certified Accountants (IASCA), announced the issuing of the latest Arabic translated version of the 2024 International Financial Reporting Standards (IFRS) in cooperation with the International Financial Reporting Standards Foundation (IFRS Foundation).
This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2024, and was translated by the Saudi Organization for Certified Public Accountants (SOCPA).
Dr. Abu-Ghazaleh underlined the most important amendments in the IFRS 2023, through the following table:
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Supplier Finance Arrangements “Amendments to IAS 7 and IFRS 7
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May 2023
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January 1, 2024
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IAS 7, IFRS 7
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International Tax Reform—Pillar Two Model Rules Amendments to IAS 12
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May 2023
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January 1, 2023
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IAS 12
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Lack of Exchangeability “Amendments to IAS 21
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August 2023
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January 1, 2025
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IAS 21, IFRS 1
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Amendments to Accounting Standards
Supplier Finance Arrangements
Supplier Finance Arrangements amend IAS 7 Statement of Cash Flows to require an entity to provide additional disclosures about its supplier finance arrangements. The amendments also add supplier finance arrangements as an example within the liquidity risk disclosure requirements of IFRS 7 Financial Instruments: Disclosures.
International Tax Reform—Pillar Two Model Rules
International Tax Reform—Pillar Two Model Rules amend IAS 12 Income Taxes. The amendments introduce a temporary exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also introduce targeted disclosure requirements for affected entities.
Lack of Exchangeablity
Lack of Exchangeablity amends IAS 21 The Effects of Changes in Foreign Exchange Rates to require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determining the exchange rate to use and the disclosures to provide.
It is worth mentioning that the International Arab Society of Certified Accountants (IASCA) signed a cooperation agreement with the IFRS Foundation to reprint, publish, and distribute the IFRS and the International Standards in Small and Medium-sized Enterprises books; accordingly, the Society will distribute the two publications to all Arab countries. The 17 years of cooperation between the Society and the IFRS indicate the keenness of IASCA to serve the accounting profession and professionals at regional and global levels.