Financial reporting considerations at the end of 2023 and new accounting standards effective in 2024

The International Financing Reporting Standards (IFRS) are the most frequently applied accounting regulations worldwide, and are constantly updated to adapt to political social, and economic changes in the business environment. Therefore, staying up to date with the frequent changes and latest developments is crucial for your organization.

The International Accounting Standards Board (IASB) announced the amendments and new standards issued as of December 31, 2023, required for periods beginning on January 1, 2024. This guide summarizes the main regulatory changes and new accounting provisions issued by the IASB and aims to provide complete visibility for preparers, users, and auditors of financial statements prepared in accordance with IFRS.

The publication provides an overview with the main accounting effects of each improvement; however, the magnitude of the impact may vary in each organization depending on the nature and volume of its operations. So, it is extremely important that management carry out an evaluation of the risks and considerations required to implement regulatory changes appropriately, including the identification of new processes and systems, if necessary.

For more information, download our publication "Applicable financial reporting considerations at the end of 2023 and new accounting ordinances effective in 2024".