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Key Requirements: Apply IFRS in full for the current year, adjust opening balances of assets and liabilities as if IFRS had always been in place. Impact: Establishes a starting point for accounting under IFRS, ensuring comparability over time.

Key Requirements: Recognize share-based payments in financial statements, including expensing employee stock options. Impact: Reflects the cost of employee services received and equity transactions with shareholders.

Key Requirements: Recognize and measure identifiable assets acquired, liabilities assumed, and non-controlling interest at their fair values on the acquisition date. Impact: Increased transparency and comparability in accounting for business combinations.

Key Requirements: Specify accounting for insurance contracts by insurers, including deferring and recognizing profits. Impact: Provides a temporary solution until a more comprehensive standard (IFRS 17) replaces it.

Key Requirements: Separate presentation of non-current assets and disposal groups, and discontinued operations. Impact: Provides clearer financial statements by segregating results and assets that will not contribute to future operations.

Key Requirements: Allows for flexible accounting of exploration and evaluation expenditures. Impact: Enables companies to reflect the unique nature of the mining sector and its risk in financial statements.

Key Requirements: Disclose information that enables users to evaluate the significance of financial instruments. Impact: Improves transparency in financial risk management and the effect of financial instruments on financial position.

Key Requirements: Disclose information about operating segments, products and services, geographical areas, and major customers. Impact: Enhances users’ understanding of an entity’s performance and future prospects by revealing its internal market perspective.

Key Requirements: Classify and measure financial assets and liabilities, including impairment and hedge accounting. Impact: Reflects the actual management and performance of financial instruments, improves comparability and decision usefulness.

Key Requirements: Prepare consolidated financial statements that present parent and subsidiaries as a single economic entity. Impact: Provides a more comprehensive representation of the business group’s financial position and performance.

Key Requirements: Account for joint operations and joint ventures differently, based on rights and obligations. Impact: Clarifies the recognition and measurement of parties’ involvement in joint arrangements, enhancing comparability.

Key Requirements: Disclose interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities. Impact: Increases transparency and provides users with information to assess the nature of, and risks associated with, an entity’s interests.

Key Requirements: Provides a framework for measuring fair value and requires extensive disclosures. Impact: Standardizes fair value measurement and increases consistency and comparability across financial statements.

Key Requirements: Recognize revenue in a manner that depicts the transfer of goods or services to customers, reflecting the consideration to which the entity expects to be entitled. Impact: Introduces a five-step model to standardize revenue recognition, enhancing comparability.

Key Requirements: Requires lessees to recognize assets and liabilities for all leases with term over 12 months unless the asset is low value. Impact: Increases transparency by recognizing lease transactions in the balance sheet, providing a clearer picture of an entity’s financial leverage.

Key Requirements: Establishes principles for recognizing, measuring, presenting, and disclosing insurance contracts within the scope of the standard. Impact: Improves information provided about insurance contracts, leading to better understanding and comparability.

Key Requirements: Present financial statements that fairly present the financial position, financial performance, and cash flows of an entity. Impact: Improves the comparability and understandability of financial statements among different companies.

Key Requirements: Measure inventories at the lower of cost and net realizable value. Impact: Provides a basis for assessing inventory value and income recognition, leading to consistency and comparability in inventory accounting.

Key Requirements: Prepare a statement of cash flows as part of financial statements, which classifies cash flows during the period from operating, investing, and financing activities. Impact: Provides information about changes in cash and cash equivalents, assessing the entity’s ability to generate cash and cash equivalents.

Key Requirements: Selection and application of accounting policies, accounting for changes in estimates, and correction of prior period errors. Impact: Ensures consistency and comparability over time for financial reporting.

Key Requirements: Recognize and disclose the effects of events that occur after the balance sheet date but before financial statements are authorized for issue. Impact: Ensures that financial statements reflect all relevant information up to the date the financial statements are issued.

Key Requirements: Account for income taxes using the balance sheet liability method for temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Impact: Ensures income taxes are accounted for consistently and transparently.

Key Requirements: Recognition, measurement at acquisition, subsequent measurement and derecognition of PPE. Impact: Provides a framework for accounting for the major fixed assets used by entities, ensuring clarity and comparability.

Key Requirements: Account for all types of employee benefits, including short-term benefits, post-employment benefits, and other long-term benefits. Impact: Improves the transparency and comparability of the costs and obligations associated with employee benefits.