| SUMMARY OF MATERIAL ACCOUNTING POLICIES | 2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES The
principal accounting policies applied in the preparation of the annual consolidated financial statements are consistent with those followed
in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2022. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 A.
Basis of preparation These
consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Board
of Directors on March 6, 2024. B.
Basis of consolidation The
consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries)
made up to December 31 of each year. Control is achieved when the Company:
● Has the power over the investee
● Is exposed, or has rights, to variable returns from
its involvement with the investee
● Has the ability to use its power to affect its returns The
Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control listed above. Consolidation
of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.
Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company
gains control until the date when the Company ceases to control the subsidiary. Where
necessary, adjustments are made to the financial statements of subsidiaries to ensure subsidiaries’ accounting policies are in
line with Company’s accounting policies. All
intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Company
and its subsidiaries are eliminated on consolidation. C.
Functional and presentation currency These
consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. All amounts have been
rounded to the nearest thousands of dollars, unless otherwise noted. D.
Foreign currency Foreign
currency transactions and balances Transactions
in foreign currencies are initially recognized in the financial statements using exchange rates prevailing on the date of transaction.
Monetary assets and liabilities denominated in foreign currencies are translated to the relevant functional currency at the exchange
rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair
value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets
and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the
date of transaction. Foreign currency differences arising on translation are recognized in the income statement for determination of
net profit or loss during the period. Foreign
operations The
assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to
the functional currency at exchange rates at the reporting date. The income and expenses of foreign operations and cash flows are translated
using average exchange rates during the period. Any differences arising on such translation are recognized in other comprehensive income.
Such differences are included in the foreign currency translation reserve “FCTR” within other components of equity. When
a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 E.
Operating segments The
Company uses judgement in determining its operating segments by taking into consideration the Chief Operating Decision Maker’s
(“CODM”) assessment of overall performance and decisions such as resource allocations and delegation of authority. The
segment information disclosed in these consolidated Financial Statements reflects historical results consistent with the identifiable
reportable segments of Real Brokerage Inc. and financial information that the Chief Operating Decision Maker (“CODM”) reviews
to evaluate segmental performance and allocate resources among the segments. The CODM is the Company’s Chief Executive Officer. Detailed
segment information is disclosed in Note 8 F .
Revenue from contracts with customers The
Company generates substantially all its revenue from commissions from the sale of real estate properties. Other sources of revenue relate
to ancillary services. The
Company is contractually obligated to provide services for the fulfillment of transfer of real estate between agents, buyers, and sellers.
The Company satisfies its performance obligations through closing of a transaction and provides services between the agents and buyers
and sellers as a principal. Accordingly, the Company recognizes revenues in the gross amount of consideration, to which it expects to
be entitled to. Please
see Note 6 Performance
obligations and revenue recognition policies Revenue
is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue upon the satisfaction
of its performance obligation when it transfers control over a good or service to a customer. The
following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers,
including significant payment terms, and related revenue recognition policies. SCHEDULE
OF PERFORMANCE OBLIGATIONS AND REVENUE RECOGNITION POLICIES
Type
of product or service Nature
of timing of satisfaction of performance obligations including significant payment terms Revenue
recognition policies
Commissions from real estate contracts Customers obtain control of real estate property on
the closing date, which is ordinarily when consideration is received Revenue is recognized at a point in time as the purchase
agreement is closed and the sale is executed
Title Fees (Escrow and Title Insurance) Customers obtain control of real estate property on
the closing date, which is ordinarily when consideration is received Revenue is recognized at a point in time when the transaction
is closed and paid
Mortgage Broker Customers obtain control of real estate property on
the closing date, which is ordinarily when consideration is received Revenue is recognized at a point in time when the loan
has been funded G.
Share-based compensation The
Company’s real estate agents receive remuneration in the form of share-based compensation, whereby those agents are entitled to
restricted share units. In addition, the Company grants its employees and members of the board of directors remuneration in the form
of share-based compensation, whereby employees and the board of directors render services in consideration for equity instruments. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 Share-based
payment arrangements The
grant-date fair value excluding the effect of non-market equity-settled share-based payment arrangements granted to employees is generally
recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an
expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected
to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance
conditions at the vesting date. Restricted
share unit plan Under
the restricted share unit plans, eligible participants receive restricted share units (RSUs), which generally vest over a period of up
to four years. The expense in relation to RSUs earned in recognition of service performance conditions is recognized at grant-date fair
value during the applicable vesting period based on the best available estimate of the number of equity instruments expected to vest
with a corresponding increase in equity. RSUs granted under the agent stock purchase plan are fully vested at grant date. The expense
in relation to such RSUs is recognized at grant-date fair value with a corresponding increase in equity. Please see Note 10.D H.
Income tax Income
tax expenses comprise of current and deferred tax. It is recognized in profit or loss, or items recognized directly in equity or in other
comprehensive income. Current
tax Current
tax is comprised of expected payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or
receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected
to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using the tax rates enacted or substantively
enacted at the reporting date. Current
tax assets and liabilities are offset only if certain criteria are met. Deferred
tax Deferred
taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for:
‒ Temporary differences
on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss; and
‒ Temporary differences related
to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the temporary differences
and it is probable that they will not reverse in the foreseeable future. Deferred
tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable
that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal
of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax
asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business
plans for individual subsidiaries in the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be realized. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 Unrecognized
deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable
profits will be available against which they can be used. Deferred
tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted
or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The
measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting
date, to recover or settle the carrying amount of its assets and liabilities. Deferred
tax assets and liabilities are offset only if certain criteria are met. I.
Property and equipment Recognition
and measurement Items
of property and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts
of an item of property and equipment have different useful lives, then they are accounted for as separate items (significant components)
of property and equipment. Any
gain or loss on disposal of an item of property and equipment is recognized in profit or loss. Depreciation Depreciation
is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight-line method
over their estimated useful lives and is recognized in profit or loss. The
estimated useful lives of property and equipment for current and comparative periods are as follows: SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT
Computer equipment: 3
Furniture and fixtures: 5 10 Depreciation
methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. J.
Financial instruments Recognition
and initial measurement Financial
assets and financial liabilities are recognized on the Company’s consolidated statements of financial position when Real becomes
party to the contractual provisions of the instrument. Financial
assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit
or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate. Transaction costs
directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized
immediately in profit or loss. Classification
and subsequent measurement Financial
assets – Policy Financial
Assets: Financial
assets are comprised of investments in equity and debt securities, trade and other receivables, cash and cash equivalents, restricted
cash, and other financial assets. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 Initial
recognition: All
financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit
or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that
require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized
on the trade date, i.e., the date that the Company commits to purchase or sell the asset. Subsequent
measurement: Financial
assets measured at amortized cost: Financial
assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding are measured at amortized cost using effective interest rate (EIR) method. The EIR amortization is recognized as finance
income in the Statement of Income. The
Company while applying above criteria has classified the following financial assets at amortized cost
- Trade receivables
- Other financial assets. Financial
assets at fair value through other comprehensive income (FVTOCI): Financial
assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding are subsequently measured at FVTOCI. Fair value movements in financial assets at FVTOCI
are recognized in other comprehensive income. A
debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as Financial assets at fair value
through profit or loss (FVTPL):
‒ it
is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
‒ its contractual terms give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial
assets – Business model assessment The
Company assesses the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects
the way the business is managed, and information is provided to management. The information considered includes:
‒ the stated
policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s
strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of
the financial assets to the duration of any related liabilities or expected cash outflows;
‒ how the performance of
the portfolio is evaluated and reported to the Company’s management; THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022
‒ the risks that
affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;
‒ how managers of the business
are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows
collected; and
‒ the frequency, volume and
timing of sales of financial assets in prior periods, the reasons for such sales and the expectations of future sales activity. Transfers
of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales, consistent with
the Company’s continuing recognition of the assets. Financial
assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial
assets – Subsequent measurement and gains and losses
Financial assets
at amortized cost These assets
are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses.
Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition
is recognized in profit or loss.
Debt investments at FVOCI These
assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains
and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains
and losses accumulated in OCI are reclassified to profit or loss. Derecognition Financial
assets The
Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers
the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of
the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards
of ownership and it does not retain control of the financial asset. Financial
liabilities The
Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes
a financial liability when its terms are modified and the cash flows or the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognized at fair value. On
derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including
any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Offsetting Financial
assets and financial liabilities are offset and the net amount presented on the consolidated statements of financial position, only when
the Company has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize the
asset and settle the liability simultaneously. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 K.
Share capital i.
Share Premium Incremental
costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity. Income tax relating to transactions
costs of an equity transaction are accounted for in accordance with IAS 12. ii.
Non – controlling interests Non-controlling
interests represents the portion of net income and net assets which the Company does not own, either directly or indirectly. It is presented
as “Attributable to non-controlling interests” separately in the Consolidated Statements of Loss, and separately from shareholders’
equity in the Consolidated Statements of Financial Position. L.
Cash and Cash Equivalents In
the statement of financial position, cash and bank balances comprise cash (i.e. cash on hand and demand deposits) and cash equivalents.
Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily
convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for
the purpose of meeting short-term cash commitments rather than for investment or other purposes. Bank
balances for which use by the Company is subject to third party contractual restrictions are included in Restricted cash in the statement
of financial position. Restricted cash consists of cash held in escrow by the Company’s brokers and agents on behalf of real estate
buyers. The Company recognizes a corresponding customer deposit liability until the funds are released. Once the cash is transferred
from escrow, the Company reduces the respective customers’ deposit liability. M.
Goodwill Goodwill
is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed in a business combination.
Goodwill is tested annually for impairment, or more regularly if certain indicators are present. For the purpose of impairment testing,
goodwill acquired in a business combination is allocated to each of the cash generating units (CGU) that are expected to benefit from
the synergies of the combination and represent the lowest level at which the goodwill is monitored for internal management purposes.
The recoverable amount is the higher of the fair value less cost to sell and the value in use; where the value in use is the present
value of the future cash flows. Goodwill is evaluated for impairment by comparing the recoverable amount of the Company’s operating
segments to the carrying amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying
amount an impairment charge is determined. We review goodwill for impairment on an annual basis in the fiscal fourth quarter or on an
interim basis if an event occurs or circumstances change that indicate goodwill may be impaired. For the year ended December 31, 2023
and 2022, we performed an assessment of goodwill related to our previous business acquisition which resulted in an impairment charge
for the year ended December 31, 2023. (See Note 4 N.
Intangible Assets The
Company’s intangible assets are finite lived and consist primarily of customer relationships. The Company evaluates its intangible
assets for recoverability and potential impairment, or as events or changes in circumstances indicate the carrying value may be impaired. O.
Impairment Assets
that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying value may not be recoverable. An impairment loss is recognized in the consolidated statement of loss and other comprehensive
loss consistent with the function of the assets, for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing
impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows. Prior impairments of non-financial
assets (other than goodwill) are reviewed for possible reversal each reporting period. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 P.
Provisions Provisions
are recognized when present (legal or constructive) obligations as a result of a past event will lead to a probable outflow of economic
resources and amounts can be estimated reliably. Provisions are measured at management’s best estimate of the expenditure required
to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties
associated with the present obligation. The
Company performs evaluations to identify onerous contracts and, where applicable, records provisions for such contracts. All provisions
are reviewed at each reporting date and adjusted to reflect the current best estimate. In those cases where the possible outflow of economic
resources as a result of present obligations is considered remote, no liability is recognized. Q.
Leases At
the inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The
Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured
at cost, which comprises of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received. The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined
on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses,
if any, and adjusted for certain remeasurements (i.e. changes in lease term) of the lease liability. The
lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate.
Generally, the Company uses its incremental borrowing rate as the discount rate. As
of December 31, 2023, the Company is not engaged in long term operational or capital lease arrangements for which right of use asset
and lease liability were recognized. R.
Business combinations Business
combinations are accounted for under the purchase method. The acquiree’s identifiable assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 ‘Business Combinations’, are recognized at their fair value at the
acquisition date, except certain assets and liabilities required to be measured as per the applicable standards. Goodwill
is recognized when the fair value of purchase consideration and non-controlling interests exceeds the fair value of identifiable net
assets acquired on the acquisition date. Goodwill arising on acquisitions is reviewed for impairment annually. Where the fair values
of the identifiable assets and liabilities exceed the cost of acquisition, the Company assesses whether it has correctly identified all
of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at
the acquisition date. If the assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration
transferred, then the surplus is credited to the consolidated statements of profit or loss in the period of acquisition. THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 Where
it is not possible to complete the determination of fair values by the date on which the first post-acquisition financial statements
are approved, a provisional assessment of fair value is made and any adjustments required to those provisional fair values are finalized
within twelve months of the acquisition date. Those
provisional amounts are adjusted through goodwill during the measurement period, or additional assets or liabilities are recognized to
reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected
the amounts recognized at that date. These adjustments are called measurement period adjustments. The measurement period does not exceed
twelve months from the acquisition date. Any
non-controlling interest in an acquiree is measured at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s net identifiable assets. This accounting choice is made on a transaction-by-transaction basis. Acquisition
expenses are charged to consolidated statements of profit or loss. If
the Company acquires a group of assets in a company that does not constitute a business in accordance with IFRS 3, the cost of the acquired
group of assets is allocated to the individual identifiable assets acquired based on their relative fair value. S.
Revenue Share The
Company has a revenue sharing plan where its agents and brokers can receive additional commission income from real estate transactions
consummated by agents and brokers they have attracted to the Company. Agents and brokers are eligible for revenue share based on the
number of qualifying active agents they have attracted to the Company. Revenue sharing payments are included as part of Marketing Expenses
in the consolidated statements of loss and other comprehensive loss. T.
Warrants Accounting Warrants
are a financial instrument that allow the holder to purchase stock of the issuer at a specified price during the warrant term. The Company
classifies a warrant to purchase shares of its common stock as a liability on its consolidated statements of financial position as this
warrant is a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is
initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and it is subsequently re-measured
to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income
(expense), net in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability
for changes in fair value until the earlier of the exercise or expiration of the warrant. The warrant holder have the ability to exercise
184,227 1.36 U.
Treasury Share Company
shares held by the Company are recognized at cost of purchase and presented as a deduction from equity. Any gain or loss arising from
a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity. During
the year ended December 31, 2023, the Company purchased 2 THE
REAL BROKERAGE INC. NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED DECEMBER 31, 2023 and 2022 V.
Accounting policy development New
and amended IFRS Accounting Standards that are effective for the current year Amendments
to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements – Disclosure of Accounting
Policies In
February 2021, the International Accounting Standards Board issued narrow-scope amendments to IAS 1, Presentation of Financial Statements,
IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors. The
amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. The amendments
will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies
how to distinguish changes in accounting policies from chan |
