The IASB has publis­hed ac­coun­ting stan­dard IFRS 18 "Pre­sen­ta­tion and Dis­clo­sure in Fi­nan­cial State­ments", which re­places the pre­vious ac­coun­ting stan­dard IAS 1 "Pre­sen­ta­tion of Fi­nan­cial State­ments" and amends IAS 7 "State­ment of Cash Flows". Amend­ments to IFRS 9 and IFRS 7 were also an­noun­ced. They co­ver the tre­at­ment of fi­nan­cial as­sets and lia­bi­li­ties ta­king cash flows into ac­count. In this is­sue of no­vus IFRS, you can also read about the IASB's ac­coun­ting stan­dard IFRS 19 "Sub­si­dia­ries wi­thout Pu­blic Ac­coun­ta­bi­lity: Dis­clo­sures" and the amend­ments to IAS 7 "State­ment of Cash Flows" and IFRS 7 "Fi­nan­cial In­stru­ments" ad­op­ted by the EU. Of course, we will also keep you up to date on all other de­ve­lop­ments in the field of in­ter­na­tio­nal ac­coun­ting.

The IASB Ex­po­sure Draft “Fi­nan­cial In­stru­ments with Cha­rac­te­ristics of Equity - Pro­po­sed amend­ments to IAS 32, IFRS 7 and IAS 1” pro­po­ses amend­ments to IAS 32 in re­la­tion to the dis­tinc­tion bet­ween equity and lia­bi­li­ties and to IFRS 7 and IAS 1 on dis­clo­sure and pre­sen­ta­tion re­qui­re­ments to meet the in­crea­sed ac­coun­ting chal­len­ges po­sed by the more com­plex fi­nan­cial in­stru­ments. Also read about the amend­ments ad­op­ted by the EU to IAS 12 on glo­bal mi­ni­mum ta­xa­tion, amend­ments to IFRS 16 on sale and lease­back tran­sac­tions and amend­ments on IAS 1 on the clas­si­fi­ca­tion of lia­bi­li­ties with co­ven­ants, the IF­RIC up­dates since No­vem­ber 2023 and all fur­ther de­ve­lop­ments in the area of in­ter­na­tio­nal ac­coun­ting.

We have com­pi­led the key dis­clo­sures that must be re­por­ted in EU IFRS con­so­li­da­ted fi­nan­cial state­ments as of 31 De­cem­ber 2023 con­cerning stan­dards and in­ter­pre­ta­ti­ons that have al­re­ady been ad­op­ted. Fur­ther­more the IASB has in ad­di­tion to the Ex­po­sure Draft "An­nual Im­pro­ve­ments to IFRS Ac­coun­ting Stan­dards - Vo­lume 11", publis­hed amend­ments to IAS 21 and IAS 12 and an­noun­ced two new IFRS ac­coun­ting stan­dards for 2024.

The glo­bal mi­ni­mum tax for large mul­ti­na­tio­nal com­pa­nies is to be im­ple­men­ted in na­tio­nal law by the end of 2023. To mit­igate the ef­fects of the glo­bal mi­ni­mum tax, the IASB has publis­hed an Ex­po­sure Draft ED/2023/1 "In­ter­na­tio­nal Tax Re­form - Pil­lar 2 Mo­del Ru­les". In the cur­rent is­sue of our no­vus IFRS, we pre­sent its main con­tents.

Not least due to Rus­sia's war of ag­gres­sion in Ukraine, the so­cial, po­li­ti­cal and eco­no­mic si­tua­tion in Ger­many and the rest of the world is tense. Com­pa­nies are ha­ving to cont­end with high in­fla­tion ra­tes, a shor­tage of workers and skil­led workers, supply chain dif­fi­cul­ties and the ex­pec­ted re­ces­sion. These chal­len­ges lead to great un­cer­tain­ties and risks, which also af­fect IFRS re­por­ting. In this is­sue of the no­vus IFRS, among other things, we ex­amine the tech­ni­cal ad­vice from the IDW and ESMA, which pro­vide com­pa­nies with spe­ci­fic as­sis­tance with ac­coun­ting and re­por­ting in this un­cer­tain en­viron­ment.

In this edi­tion of no­vus IFRS, we pre­sent the tech­ni­cal gui­dance publis­hed by the IDW on the im­pact of the war in Ukraine on ac­coun­ting and au­diting as well as busi­ness va­lua­tion.

In this last no­vus IFRS be­fore the end of the year, we in­form you about the chan­ges to the re­verse fac­to­ring pro­ce­dure. In ad­di­tion, we have com­pi­led key dis­clo­sures to be re­por­ted in an EU-IFRS con­so­li­da­ted fi­nan­cial state­ment as of De­cem­ber 31, 2021 with re­gard to stan­dards and in­ter­pre­ta­ti­ons that have al­re­ady been ad­op­ted.

Re­verse fac­to­ring is an in­cre­asin­gly po­pu­lar op­tion for pre-fi­nan­cing a com­pany's suppliers. In con­trast to con­ven­tio­nal fac­to­ring, the in­itia­tive co­mes from the cu­st­omer and not from the supplier. In this no­vus IFRS, we in­form you about how the IDW, with the draft amend­ment IAS 1-M1 (Re­verse Fac­to­ring) to IDW RS HFA 50, has cla­ri­fied the ques­ti­ons of whe­ther the pre­vious ob­li­ga­tion from de­li­ve­ries and ser­vices is to be de­re­co­gnized or whe­ther it is to be In ad­di­tion, we will pro­vide you with in­for­ma­tion on the la­test de­ve­lop­ments in the field of fi­nan­cial re­por­ting. In ad­di­tion, we pre­sent the la­test IASB pu­bli­ca­ti­ons "Sub­si­dia­ries not pu­bli­cly ac­coun­ta­ble: Dis­clo­sures in the no­tes" and "First-time ad­op­tion of IFRS 17 and IFRS 9 - Com­pa­ra­tive in­for­ma­tion".

The IFRS In­ter­pre­ta­ti­ons Com­mit­tee (IFRS IC) has ad­dres­sed the spe­ci­fics of ac­coun­ting for con­fi­gu­ra­tion and cu­st­omiza­tion costs in soft­ware-as-a-ser­vice (SaaS) ar­ran­ge­ments. In this edi­tion of no­vus IFRS, we in­form you about the re­sults of the de­li­be­ra­ti­ons on this to­pic as well as about other im­port­ant to­pics that the stan­dard set­ters dealt with in the se­cond quar­ter of 2021.

In this is­sue of no­vus IFRS, we have com­pi­led for you im­port­ant pu­bli­ca­ti­ons on IFRS ac­coun­ting publis­hed by stan­dard set­ters and in­sti­tu­ti­ons. In ad­di­tion, we pre­sent the la­test pu­bli­ca­ti­ons of the IASB.

The corona pan­de­mic con­ti­nues to have a full grip on so­cial life and also the eco­nomy - and the eco­no­mic chal­len­ges are re­flec­ted in new ac­coun­ting re­qui­re­ments. That is why we have com­pi­led an over­view of im­port­ant pu­bli­ca­ti­ons on IFRS ac­coun­ting in this edi­tion of no­vus IFRS.

In this edi­tion of no­vus IFRS, we look at si­gni­fi­cant ef­fects on IFRS ac­coun­ting and the chal­len­ges in pre­pa­ring an­nual / con­so­li­da­ted and in­te­rim fi­nan­cial state­ments. The re­le­vance of the to­pics de­scri­bed be­low va­ries wi­dely - de­pen­ding on the in­dus­try and the con­di­ti­ons of the re­spec­tive com­pany.