Beginning on or after 1 January 2025

IFRS Accounting Standards and Amendments mandatorily effective from 1 January 2025 (*)

IFRS Accounting Standard	Effective date	Brief description	Additional information
Lack of Exchangeability (Amendments to IAS 21)	1/1/2025	On 15 August 2023, the IASB issued ’Lack of Exchangeability’ which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). IAS 21, prior to the Amendments, did not include explicit requirements for the determination of the exchange rate when a currency is not exchangeable into another currency, which led to diversity in practice. The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.	IFRB 2023/08 IASB issues amendments to IAS 21 - Lack of Exchangeability

IFRS Accounting Standard	Effective date	Brief description	Additional information
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)	1/1/2026	In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments. The Amendments modify the following requirements in IFRS 9 Financial instruments and IFRS 7 Financial Instruments: Disclosures: Derecognition of financial liabilities: - Derecognition of financial liabilities settled through electronic transfers Classification of financial assets: - Elements of interest in a basic lending arrangement (the solely payments of principle and interest assessment – ‘SPPI test’) - Contractual terms that change the timing or amount of contractual cash flows - Financial assets with non-recourse features - Investments in contractually linked instruments Disclosures - Investments in equity instruments designated at fair value through other comprehensive income - Contractual terms that could change the timing or amount of contractual cash flows The Amendments permit an entity to early adopt only the amendments related to the classification of financial assets and the related disclosures and apply the remaining amendments later. This would be particularly useful to entities that wish to apply the Amendments early for financial instruments with ESG-linked (Environmental, Social and Governance) or similar features.	IFRB-2024_07 IASB issues amendments to the classification and measurement of financial instruments
Annual Improvements to IFRS Accounting Standards – Volume 11	1/1/2026	Annual improvements are limited to changes that either clarify the wording in an IFRS Accounting Standard, or correct relatively minor unintended consequences, oversights or conflicts between requirements of the Accounting Standards.  The proposed improvements are packaged together in one document. This cycle of annual improvements addresses the following: - Hedge Accounting by a First-time Adopter (Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards) - Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Guidance on implementing IFRS 7) - Gain or Loss on Derecognition (Amendments to IFRS 7) - Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7) - Derecognition of Lease Liabilities (Amendments to IFRS 9) - Transaction Price (Amendments to IFRS 9) - Determination of a ‘De Facto Agent’ (Amendments to IFRS 10 Consolidated Financial Statements) - Cost Method (Amendments to IAS 7 Statement of Cash Flows)	IASB project page
Contracts Referencin  Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)	1/1/2026	Nature-dependent electricity contracts assist companies to secure their electricity supply from wind and solar power sources. Since the amount of electricity generated under these contracts may vary based on uncontrollable factors related to weather conditions, current accounting requirements may not adequately capture how these contracts affect a company’s performance. In response, the IASB has made targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures to improve the disclosure of these contracts in the financial statements. The amendments include: - Clarifying the application of the ‘own-use’ requirements - Permitting hedge accounting if these contracts are used as hedging instruments - Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows	IFRB_2025_02_IASB issues contracts referencing nature-dependent electricity

IFRS Accounting Standard	Effective date	Brief description	Additional information
IFRS 18 Presentation and Disclosure in Financial Statements	1/1/2027	IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements and is mandatorily effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18, which was published by the IASB on 9 April 2024, sets out significant new requirements for how financial statements are presented, with particular focus on: - The statement of profit or loss, including requirements for mandatory sub-totals to be presented -  Aggregation and disaggregation of information - Disclosures related to management-defined performance measures (MPMs), which are measures of financial performance based on a total or sub-total required by IFRS Accounting Standards with adjustments made (e.g. ‘adjusted profit or loss’). The aim of the IASB in publishing IFRS 18 is to improve comparability and transparency of companies’ performance reporting.	IFRB 2024-04 IASB publishes IFRS 18 Presentation and disclosure in Financial Statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures	1/1/2027	On 9 May 2024, the IASB issued IFRS 19 Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to provide reduced disclosures while applying the recognition, measurement and presentation requirements in IFRS Accounting Standards. An entity would be eligible to apply IFRS 19 in its consolidated, separate or individual financial statements if it meets the eligibility criteria at the end of the reporting period. The eligibility criteria are: - the entity is a subsidiary (as defined in Appendix A of IFRS 10 Consolidated Financial Statements) - the entity does not have public accountability - the entity has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards	IASB issues IFRS 19 Subsidiaries without Public Accountability: Disclosures - BDO

IFRS Practice Statement	Effective date	Brief description	Additional information
IFRS Practice Statement 1 - Management Commentary	Effective from 23 June 2025 (voluntary adoption)	On 23 June 2025, the IASB issued IFRS Practice Statement 1 Management Commentary to replace the previous IFRS Practice Statement 1 Management Commentary that was issued in December 2010. The revised Practice Statement was introduced to better meet the needs of users of management commentary and to address common shortcomings in practice, including insufficient focus on key matters, overly generic information, fragmented presentation of information, and challenges in making comparisons over time or across similar entities. The revised Practice Statement emphasises the importance of focusing on key matters that influence the company’s future prospects, drawing on material information used in internal management. The Practice Statement supports consistency across financial reports and requires a coherent, fact-based narrative structured around six core content areas: business model, strategy, resources and relationships, risks, external environment, and financial performance and position.	IASB project page