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2025 Required IFRS Standard

The 2025 edition of IFRS Accounting Standards includes amendments effective from January 1, 2025, such as those related to Lack of Exchangeability, which modifies IAS 21 regarding currency exchangeability assessments. It excludes standards with effective dates beyond January 1, 2025, which will be addressed in future publications. Additionally, new standards like IFRS 18 and IFRS 19 introduce changes to financial statement presentation and disclosure requirements for subsidiaries without public accountability.

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425 views4 pages

2025 Required IFRS Standard

The 2025 edition of IFRS Accounting Standards includes amendments effective from January 1, 2025, such as those related to Lack of Exchangeability, which modifies IAS 21 regarding currency exchangeability assessments. It excludes standards with effective dates beyond January 1, 2025, which will be addressed in future publications. Additionally, new standards like IFRS 18 and IFRS 19 introduce changes to financial statement presentation and disclosure requirements for subsidiaries without public accountability.

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Baekhyun makes me weak
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Changes in this edition

This is a brief guide to the changes incorporated in this 2025 edition since the publication
of IFRS® Standards—Required at 1 January 2024.

Basis of preparation
This edition contains only IFRS Accounting Standards issued by the International
Accounting Standards Board (IASB) as at 31 December 2024 that are required for
accounting periods beginning on or after 1 January 2025 (that is, all Accounting
Standards with an effective date on or before 1 January 2025).

Accounting Standards and amendments to Accounting Standards issued by 31 December


2024 with an effective date after 1 January 2025 are excluded from this edition; they will
be reproduced in IFRS® Accounting Standards—Issued at 1 January 2025 and in The Annotated
IFRS® Accounting Standards—Standards issued at 1 January 2025.

New in this edition


The documents and amendments in this edition are effective from 1 January 2025 and
include the amendments to two Accounting Standards that were made by Lack of
Exchangeability.

The table and subsequent summary provide further details about the document and
amendments.

Table—New requirements effective from 1 January 2025

Standard/ When issued Effective date Standards/ Standard withdrawn


amendment (early application is Interpretations
possible unless amended
otherwise noted)
Lack of August 2023 1 January 2025 IAS 21, IFRS 1
Exchangeability

Amendments to IAS 21

Minor editorial corrections to Standards (including necessary updating) have also been
made; a list of all such corrections is available at www.ifrs.org/issued-standards/editorial-
corrections/.

New and revised Standards, IFRIC Interpretations and practice statements are available to
IFRS Digital subscribers on the IFRS Standards Navigator at https://www.ifrs.org/issued-
standards/list-of-standards/.
Amendments to Accounting Standards

Lack of Exchangeablity
Lack of Exchangeablity amends IAS 21 The Effects of Changes in Foreign Exchange Rates to require
an entity to apply a consistent approach to assessing whether a currency is exchangeable
into another currency and, when it is not, to determining the exchange rate to use and
the disclosures to provide.

Disclosure of the possible effect of issued Accounting Standards


that are not yet required
This edition does not include Accounting Standards that have an effective date later than
1 January 2025.

These Accounting Standards are relevant, however, even if an entity does not intend to
adopt a requirement early. Paragraph 30 of IAS 8 Basis of Preparation of Financial Statements
requires an entity to disclose ‘information relevant to assessing the possible impact that
application of the new IFRS [Accounting Standard] will have on the entity’s financial
statements in the period of initial application’.

The table shows amendments and Accounting Standards that have an effective date after
1 January 2025.

Table–Accounting Standards and amendments issued, but not effective, as at 1 January 2025

Standard/ When issued Effective date Standards/ Standard withdrawn


amendment (early application is Interpretations
possible unless amended
otherwise noted)

IFRS 18 April 2024 1 January 2027 IFRS 1, IFRS 3, IAS 1


IFRS 5, IFRS 6,
Presentation and
IFRS 7, IFRS 8,
Disclosure in Financial
IFRS 9, IFRS 12,
Statements
IFRS 13, IFRS 14,
IFRS 15, IFRS 16,
IFRS 17, IAS 2,
IAS 7, IAS 8, IAS 10,
IAS 12, IAS 16,
IAS 19, IAS 20,
IAS 21, IAS 24,
IAS 28, IAS 29,
IAS 32, IAS 33,
IAS 34, IAS 38,
IAS 40, IAS 41,
IFRIC 1, IFRIC 14,
IFRIC 17, IFRIC 19,
IFRIC 23, SIC-32

IFRS 19 May 2024 1 January 2027 IFRS 1, IFRS 5,


IFRS 13, IFRS 17,
Subsidiaries without
IFRS 18, IAS 32,
Public Accountability:
IAS 34, IFRIC 14
Disclosures

continued...

A2 © IFRS Foundation
...continued

Table–Accounting Standards and amendments issued, but not effective, as at 1 January 2025

Standard/ When issued Effective date Standards/ Standard withdrawn


amendment (early application is Interpretations
possible unless amended
otherwise noted)
Amendments to the May 2024 1 January 2026 IFRS 7, IFRS 9,
Classification and IFRS 19
Measurement of
Financial Instruments

Amendments to IFRS 9
and IFRS 7
Annual Improvements July 2024 1 January 2026 IFRS 1, IFRS 7,
to IFRS Accounting IFRS 9, IFRS 10,
Standards—Volume 11 IAS 7
Contracts referencing December 2024 1 January 2026 IFRS 7, IFRS 9
Nature-dependent
Electricity

Amendments to IFRS 9
and IFRS 7

The following summaries briefly describe the changes to be introduced by each of the
Standards listed in the preceding table ‘Accounting Standards and amendments issued,
but not effective, as at 1 January 2025’.

IFRS 18 Presentation and Disclosure in Financial Statements


IFRS 18 Presentation and Disclosure in Financial Statements was issued in April 2024 to replace
IAS 1 Presentation of Financial Statements. IFRS 18 aims to improve financial reporting by:
requiring additional defined subtotals in the statement of profit or loss; requiring
disclosures about management-defined performance measures; and adding new
principles for the aggregation and disaggregation of items. The IASB did not reconsider
all aspects of IAS 1 when developing IFRS 18, but instead focused on the statement of
profit or loss. The IASB retained some paragraphs from IAS 1 in IFRS 18 and moved some
paragraphs from IAS 1 to IAS 8 Basis of Preparation of Financial Statements and IFRS 7
Financial Instruments: Disclosures.

IFRS 19 Subsidiaries without Public Accountability: Disclosures


IFRS 19 Subsidiaries without Public Accountability: Disclosures was issued in May 2024. IFRS 19
permits some subsidiaries to apply IFRS Accounting Standards with reduced disclosure
requirements. These entities apply the requirements in other IFRS Accounting Standards
except for their disclosure requirements. Instead, these entities apply the requirements
in IFRS 19.

© IFRS Foundation A3
Amendments to the Classification and Measurement of Financial
Instruments
Amendments to the Classification and Measurement of Financial Instruments was issued in May
2024 in response to feedback received as part of the post-implementation review of the
classification and measurement requirements in IFRS 9 Financial Instruments and related
requirements in IFRS 7 Financial Instruments: Disclosures.

The amendments specify:

• when a financial liability settled using an electronic payment system can be deemed
to be discharged before the settlement date;

• how to assess the contractual cash flow characteristics of financial assets with
contingent features when the nature of the contingent event does not relate directly
to changes in basic lending risks and costs; and

• new or amended disclosure requirements relating to investments in equity


instruments designated at fair value through other comprehensive income and
financial instruments with contingent features that do not relate directly to basic
lending risks and costs.

Annual Improvements to IFRS Accounting Standards—Volume 11


Annual Improvements to IFRS Accounting Standards—Volume 11 contains the following
amendments.

Accounting Standard Subject of amendments

IFRS 1 First-time Adoption of International Financial


Hedge accounting by a first-time adopter
Reporting Standards

IFRS 7 Financial Instruments: Disclosures Gain or loss on derecognition

Introduction
Guidance on implementing IFRS 7 Financial Instru- Disclosure of deferred difference between fair value and
ments: Disclosures transaction price

Credit risk disclosures

Derecognition of lease liabilities


IFRS 9 Financial Instruments
Transaction price

IFRS 10 Consolidated Financial Statements Determination of a ‘de facto agent’

IAS 7 Statement of Cash Flows Cost method

Contracts Referencing Nature-dependent Electricity


Contracts Referencing Nature-dependent Electricity amends IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures to more faithfully reflect the effects of contracts
referencing nature-dependent electricity on an entity’s financial statements.

A4 © IFRS Foundation

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