As 2022 draws to a close, organisations will reflect on the challenging operating environment they have had to navigate and report. It includes the impact of geopolitical crisis, high inflation, rising interest rates, high commodity prices and an extremely uncertain business environment. While some of these conditions remain going into the new year, there are key reporting reminders organisations should take note of going into 2023.
Organisations should understand the emerging reporting themes and regulations that will impact their reporting in the new year. Specific accounting standards are mandatorily applicable by organisations from 1 January 2023, such as IFRS 17 — the new insurance standard and IPSAS 41 — the new public sector standard on financial instruments.
