2024 Omnibus Amendments to PBE Standards
2024 Omnibus Amendments to PBE Standards is an amending Standard that updates PBE IPSAS 1 and PBE IAS 12.
The amendments to PBE IPSAS 1 clarify the principles for classifying a liability as current or non-current.
The amendments to PBE IAS 12 provide temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD’s) international tax reform (Pillar Two Model Rules).
Commencement and Application
Application of the amendments to PBE IPSAS 1 is required for accounting periods which begin on or after 1 January 2026.
Application is permitted for accounting periods that begin before 1 January 2026 but have not ended or do not end before 21 November 2024.
Application of the amendments to paragraphs 4A and 88A of PBE IAS 12 is required for accounting periods that end on or after 21 November 2024.
Except for paragraphs 4A and 88A, application of the amendments to PBE IAS 12 is required for accounting periods which begin on or after 1 January 2024 but have not ended or do not end before 21 November 2024.