NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2022

NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS

NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS

5. NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS

The following standards, amendments and interpretations have been issued but are not yet effective:

● In January 2020, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least twelve months at the end of the reporting period. The amendments are effective January 1, 2023 with early adoption permitted. Retrospective application is required on adoption. This amendment is not expected to have a material impact on the Company.

There are no other IFRS standards or International Financial Reporting Interpretations Committee interpretations that are not yet effective or early adopted that are expected to have any impact on the Company.