BC40 The IASB decided to require an entity to apply the amendments for annual reporting periods beginning on or after 1 January 2024. The IASB set the effective date and developed the transition requirements described in paragraph 63 of IAS 7 to achieve a balance between providing sufficient time for jurisdictions and entities to prepare for the implementation of the new disclosure requirements and meeting the information needs of users of financial statements (as described in paragraph BC29) on a timely basis.

BC41 In reaching its decisions, the IASB considered:

(a) the time needed by jurisdictions to incorporate the new requirements into their legal systems. The IASB was informed that jurisdictions expect to have completed their endorsement processes by 31 December 2024, but some jurisdictions might be unable to do so in time for interim reporting deadlines during 2024.