![]() ![]() ![]() For more on this and related developments, see our Sustainability reporting web page.įollow ' KPMG IFRS' on LinkedIn and check out IFRS Today for the latest content and topical discussion. Our Climate change financial reporting resource centre provides FAQs to help companies identify the potential financial statement impacts for their business, including a web article with guidance on disclosing the impacts of climate-related matters.Īlso, in June 2023 the International Sustainability Standards Board (ISSB) published its first two IFRS Sustainability Disclosure Standards, including a climate standard with detailed guidance on how to report on climate-related risks and opportunities. The 2023 Illustrative disclosures provide example disclosures of the climate-related impact related to the fictitious corporation’s biological assets, property, plant and equipment and emissions schemes. Read our web article and talkbook to find out more.Īll companies are facing climate-related risks and opportunities and are making strategic decisions in response – including around their transition to a low-carbon economy. Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2): These amendments require companies to disclose their ‘material’ accounting policies, rather than their ‘significant’ accounting policies.A decrease in cash flow due to a sharp increase in inventory or receivables can. ![]() In addition, for an overview of Pillar Two legislative developments in jurisdictions around the world, see BEPS 2.0: state of play. This is where the term bottom line comes from. For further information on these amendments, see our web article and read our talkbook. International Tax Reform-Pillar Two Model Rules (Amendments to IAS 12): The amendments provide relief from deferred tax accounting for Pillar Two top-up taxes and introduce new disclosures about exposure to these taxes.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12): The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g.In particular, they illustrate the application of the following amendments. those that are effective for companies with an annual period beginning on 1 January 2023. The 2023 Illustrative disclosures reflect requirements relating to the newly effective standards and amendments issued by the International Accounting Standards Board (IASB) – i.e. ![]()
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