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156. An entity shall apply this Standard for annual financial statements covering periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity elects to apply this Standard early, it must disclose that fact and apply all of the requirements in this Standard at the same time (but see also paragraphs 173 and 179). It shall also, at the same time, apply the amendments in Appendix D.
156.2 [See PBE IFRS 17 Insurance Contracts and Amendments to PBE IFRS 17]
156.3 PBE Interest Rate Benchmark Reform, which amended PBE IPSAS 41, PBE IPSAS 29 and PBE IPSAS 30, issued in February 2020, added paragraphs 155.1–155.12 and amended paragraphs 157.7, 157.8, 179 and 184. If an entity has applied PBE IPSAS 41 for annual periods beginning on or before 1 January 2020 it shall apply these amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact. If an entity has not applied PBE IPSAS 41 for annual periods beginning on or before 1 January 2020, it shall apply these amendments when it first applies PBE IPSAS 41.
156.4 PBE Interest Rate Benchmark Reform—Phase 2, which amended PBE IPSAS 41, PBE IPSAS 29 and PBE IPSAS 30, issued in November 2020, added paragraphs 72.1–72.5, 155.13, 155.14–155.26, 157.12–157.15 and 184H, and amended paragraphs 157.7, 157.8 and 179. If an entity has early adopted PBE IPSAS 41 it shall apply these amendments for annual periods beginning on or after 1 January 2021. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact. If an entity has not early adopted PBE IPSAS 41, it shall apply these amendments when it first applies PBE IPSAS 41.
156.5. 2022 Omnibus Amendments to PBE Standards, issued in June 2022, added paragraphs 184I and AG46A and amended paragraph AG46. An entity shall apply these amendments for annual financial statements covering periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall disclose that fact.
157. [Not used.]
157.1. An entity that has previously applied PBE IFRS 9 Financial Instruments shall apply the transition provisions in paragraphs 157.3–157.11. An entity that has not previously applied PBE IFRS 9 shall apply the transition provisions in paragraphs 158–184.
157.2 For the purposes of the transition provisions, the date of initial application is the date when an entity first applies the requirements of this Standard and must be the beginning of a reporting period after the issue of this Standard.