1.4 Changes in accounting policies and disclosures In 2022, the notes to the consolidated financial statements have been reorganised into four sections to present clearly how
the IFRC funds its activities, runs its operations and manages the funds provided by donors. Each section of the notes
presents the financial information and any material accounting policies that are relevant to an understanding of the
activities of the IFRC. As a consequence of the revised presentation adopted in the consolidated financial statements for
2022, less relevant information has been removed and content has been simplified to ensure that the more important
information is presented in clearer way to the users of the consolidated financial statements.
1.5 New Standards, Amendments and Interpretations The IFRC has adopted all relevant new or amended standards (of the IFRS) and interpretations (by the Interpretations
Committee) which are effective for 2022.
Standard / Amendment Effective date Impact on reporting year 2022 Annual Improvements to IFRS Standards 2018–2020
1 January 2022
Not material / applicable
Reference to the Conceptual Framework (Amendments to IFRS 3) 1 January 2022
Not material / applicable
Property, Plant and Equipment — Proceeds before Intended Use
(Amendments to IAS 16)
1 January 2022
Not material / applicable
Onerous Contracts — Cost of Fulfilling a Contract (Amendments to
IAS 37)
1 January 2022
Not material / applicable
Implementation of the new or amended standards, including the IASB Conceptual Framework for Financial Reporting,
has not had a material impact on the IFRC’s consolidated financial statements.
The following Standards, Amendments and Interpretations have been issued, but are not yet effective. They have not been
applied early in the preparation of these consolidated financial statements. The IFRC intends to adopt relevant new and
amended standards and interpretations when they become effective.
