As of early 2025, there are 19 numbered IFRS Accounting Standards issued, ranging from IFRS 1 to IFRS 19, with the most recent (IFRS 18 and 19) issued in 2024 and effective from January 1, 2027. Additionally, there are 29 active International Accounting Standards (IAS) that remain part of the framework.
IFRS 17 is an International Financial Reporting Standard. It replaces IFRS 4 on accounting for insurance contracts and has an effective date of January 1, 2023.
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 sets out overall requirements for the presentation and disclosure in financial statements.
IFRS 19 aims to create a more attractive option for subsidiaries without public accountability. Eligible entities are now able to elect to apply IFRS 19, which allows for specific reduced disclosures in most topic areas. IFRS 19 provides a solution that can alleviate the reporting burden for in-scope entities.
AS 21 Consolidated Financial Statements should be applied in preparing and presenting consolidated financial statements for a group of enterprises under the sole control of a parent enterprise.
IAS 33 deals with the calculation and presentation of earnings per share (EPS). It applies to entities whose ordinary shares or potential ordinary shares (for example, convertibles, options and warrants) are publicly traded. Non-public entities electing to present EPS must also follow the Standard.
The objective of this Standard is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors.
After a slow but simmering build-up of 20 years, the IFRS 17 reporting standard was made effective as of 1 January 2023. IFRS 17 replaces IFRS 4, a reporting standard issued in March 2004.
IFRS - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
Summary. IFRS 18 replaces IAS 1 Presentation of Financial Statements as the primary source of requirements in IFRS accounting standards for financial statement presentation which will provide better information to users.
A recap. IFRS 16 and Topic 842 became effective for IFRS Accounting Standards preparers and US GAAP public companies in 2019, and US private entities (including most not-for-profit entities) in 2022. Both IFRS 16 and Topic 842 require lessees to report most of their leases on-balance sheet, as assets and liabilities.
The four pillars of IFRS S1 and S2 are governance, strategy, risk management and metrics and targets.
Applicable from January 1, 2019, IFRS 16 is an international accounting standard. It aims to synchronize lease accounting for all companies worldwide.
While IFRS 17—Insurance Contracts—defines measurement and specific categories within the financial statements for insurance companies reporting, IFRS 18 prescribes an overall structure to the income statement, including a new subtotal of “operating profit.” Insurance companies will need to disclose management-defined ...
IAS 17 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. IAS 17 will be superseded by IFRS 16 'Leases' as of 1 January 2019.
The "Big Four" reinsurers, often referred to as Europe's largest, are Munich Re, Swiss Re, Hannover Re, and SCOR, known for their global reach, diversified portfolios, and strong performance in underwriting and investment income, especially in property/casualty markets, despite ongoing challenges and evolving reporting standards.
Transparency: The introduction of IFRS 16 was aimed at increasing the transparency and accuracy of financial reporting. By requiring companies to recognize all leases on their balance sheets, the new standard ensures that financial statements provide a more accurate picture of a company's financial position.
IFRS 17 requires a company to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts. This requirement will provide transparent reporting about a company's financial position and risk.
IFRS 18 Presentation and Disclosure in Financial Statements was issued by the International Accounting Standards Board (IASB) in April 2024. This new Accounting Standard is examinable in the Financial Reporting (FR) exam from September 2025 onwards.
Main Types Of Accounting You Can Specialize In
IFRS 17 – Insurance contracts entered into force on 1 January 2023. The new standard aims to increase transparency and to reduce differences in the accounting for insurance contracts and it replaces IFRS 4 (interim standard).
* The consolidation requirements in IAS 27 were superseded by IFRS 10 Consolidated Financial Statements issued in May 2011. The requirements with respect to transactions between owners in their capacity as owners did not change.
Accounting Standard AS 29 – 'Provisions, Contingent Liabilities, and Contingent Assets defines provision as a liability which can be measured only by using a substantial degree of estimation. Terms such as 'provision for doubtful debtors', 'provision for impairment of investments', etc.
Overview of IFRS standards
There are seventeen IFRS principles laid out by the IFRS Foundation; however, unlike the United States' much more prescriptive GAAP method, these IFRS principles supply a set of helpful, high-level guidelines instead of direct rules for companies to follow when issuing financial reports.