Identifying a performance obligation
IFRSAccurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets.
This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
What’s new in the 2021 edition
The 2021 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2020 and 31 December 2020.
The publication now covers 31 March 2020, 30 June 2020, 30 September 2020, 31 December 2020 and 31 March 2021 financial year ends.
Contents
The effective dates table on the next page lists all the changes covered in the publication, their effective dates, and the page in the publication on which the appropriate summary can be found.
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Classification of income and expenses in the statement of profit or loss
IFRS 18In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, replacing IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027”.
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