IFRS update: Year-end reminders and outlook for 2024 and beyond

#PwC Unveils #IFRS Updates and #RateRegulated Insights Key Takeaways:

• Major changes in IFRS reporting are on the horizon, preparing is key.
• ESG-linked loan terms and their impact on IFRS 9 financial instruments accounting.
• Anticipate the integration of sustainability considerations into financial statements.

Further Insights

1. IFRS Reporting: Year-end IFRS reporting presents complexities, including the adoption of IFRS 17, attention to impairments, and global minimum taxes. Also, the implementation of a new standard for currencies lacking exchangeability.

2. ESG Factors: There's a growing integration of environmental, social, and governance (ESG) factors within financial reporting and estimates, pushing for enhanced disclosure and awareness among IFRS reporters.

3. Upcoming Standards: Noteworthy future standards include those for rate-regulated activities, debt equity considerations, and disclosures for business combinations. These will significantly impact many sectors.

4. Sustainability and Reporting: The ISB is exploring how sustainability risks and climate-related factors should influence reporting and financials, indicating potential future guidance or amendments to existing standards.

Closing Thoughts: As the landscape of IFRS reporting evolves with new standards and regulatory focuses, how prepared are businesses to adapt to these changes, especially those related to ESG and sustainability disclosures?

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