AMMAN – HE Dr. Talal Abu-Ghazaleh, chairman of the International Arab Soci-ety of Certified Accountants (IASCA), announced the issuing of the latest Arabic-translated version of the 2023 International Financial Reporting Standards (IFRS) in cooperation with the International Financial Reporting Standards Foundation (IFRS Foundation).
This edition is the sole official printed version of the consolidated text issued by the International Accounting Standards Board (IASB) on January 1, 2023, and was translated by the Saudi Organization for Certified Public Accountants (SOCPA).
Dr. Abu-Ghazaleh underlined the most important amendments in the IFRS 2023, through the following table:
| New amendments issued on 1 January 2023 |
| Amendment |
When issued |
Effective date
(early application is possible unless otherwise noted) |
Standards amended |
Lease Liability in a Sale and Leaseback
Amendment to IFRS 16 |
September 2022 |
1 January 2024 |
IFRS 16 |
Non-current Liabilities with Covenants
Amendment to IAS 1 |
November 2022 |
1 January 2024 |
IAS 1 |
Amendments to Accounting Standards
Lease Liability in a Sale and Leaseback
Lease Liability in a Sale and Leaseback amends IFRS 16 by adding subsequent measurement requirements for sale and leaseback transactions.
Non-current Liabilities with Covenants
Non-current Liabilities with Covenants amends IAS 1 Presentation of Financial Statements. The amendments improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to com-pliance with covenants. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current.
It is worth mentioning that the International Arab Society of Certified Account-ants (IASCA) signed a cooperation agreement with the IFRS Foundation to re-print, publish, and distribute the IFRS and the International Standards in Small and Medium-sized Enterprises books; accordingly, the Society will distribute the two publications to all Arab countries. The 17-year of mutual cooperation be-tween the Society and the IFRS Foundation indicates the keenness of IASCA to serve the accounting profession and professionals at regional and global levels.