31 December 2021
Listed below are the XRB accounting standards:
- that you will be required to apply for the first time in your 31 December 2021 financial statements (when applicable to your activities); and
- those that are available for early adoption.
The list includes new Not-for-profit and Public Sector accounting standards issued by the XRB as of February 2022.
Each new standard listed has a link to the full final pronouncement on this website.
|XRB accounting standards requiring first-time application||Issue date||Effective date1|
|2018 Omnibus Amendments to PBE Standards||Nov 2018||1 Jan 20212|
|PBE IPSAS 40 PBE Combinations||Jul 2019||1 Jan 2021|
|Withdrawal of PBE FRS 46 (Amendments to PBE FRS 47)||Feb 2020||1 Jan 2021|
|Revocation of PBE FRS 46||Feb 2020||1 Jan 2021|
|XRB accounting standards available for early adoption||Issue date||Effective date1|
|PBE FRS 48 Service Performance Reporting||Nov 2017||1 Jan 20223|
|PBE IPSAS 41 Financial Instruments||Mar 2019||1 Jan 2022|
|PBE IFRS 17 Insurance Contracts (NFP entities only)||Jul 2019||1 Jan 20234|
|Amendments to PBE IFRS 17 (NFP entities only)||Aug 2020||1 Jan 2023|
|PBE IFRS 9 Financial Instruments||Jan 2017||See footnote5|
This information has been prepared by staff of the External Reporting Board (XRB) for information purposes only. It does not form part of the standards or authoritative publications of the XRB.
1 The Standard shall be applied for annual reporting periods beginning on or after the effective date (except if otherwise noted). For example, if an entity has a 31 December balance date, its annual reporting period begins 1 January.
2 Most of the amendments were effective from 1 January 2019. The amendments to PBE IPSAS 2 Cash Flow Statements are effective from 1 January 2021.
3 The original effective date of this Standard was 1 January 2021. In August 2020 the XRB issued an amending standard to defer the effective date to 1 January 2022.
4 The original effective date of this Standard was 1 January 2022. In August 2020 the XRB issued an amending standard to defer the effective date to 1 January 2023.
5 PBE IFRS 9 is superseded by PBE IPSAS 41 Financial Instruments, which is effective for periods beginning on or after 1 January 2022. An entity may elect to apply PBE IFRS 9 early if, and only if, the entity’s date of initial application is before 1 January 2020.