2024 Omnibus Amendments to PBE Standards
2024 Omnibus Amendments to PBE Standards
The External Reporting Board (XRB) has issued the 2024 Omnibus Amendments to PBE Standards. The amending standard updates:
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.
For more on the above, please contact your local BDO representative.
- PBE IPSAS 1 - to clarify the principles for classifying liabilities as current or non-current
- PBE IAS 12 - to provide temporary relief from accounting for deferred taxes arising from the OECD’s international tax reform.
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.
For more on the above, please contact your local BDO representative.