Genius Group Limited Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2022

NOTE 3 — RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING STANDARDS

*Recently Adopted Accounting Standards*		*Effective for periods beginning on or after*

Amendments to IFRS 3 Reference to the Conceptual Framework Relating to Business Combinations		January 1, 2022
Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract		January 1, 2022
Annual Improvements to IFRS Standards 2018-2021		January 1, 2022
Amendments to IAS 16 Property, Plant and Equipment – Proceeds before Intended Use		January 1, 2022

The Company’s adoption of the standards above had no material impact on the consolidated financial statements in the year of initial application.

*Recent Accounting Standards Not Yet Adopted*		*Effective for periods beginning on or after*

Amendments to IAS 1 Classification of Liabilities as Current or Non-current		January 1, 2023
Amendments to IFRS 17 Insurance Contracts		January 1, 2023
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors		January 1, 2023
Amendments to IAS 12 Income Taxes		January 1, 2023

The Company expects that the adoption of the standards above will have no material impact on the consolidated financial statements in the year of initial application.