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On 18 July 2024, the International Accounting Standards Board (IASB) issued the Annual Improvements to IFRS Accounting Standards (volume 11) (Annual Improvements).

The amendments contained in the Annual Improvements are limited to amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the standards.23 Amendments have been issued on the following matters: • IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter • IFRS 7 Financial Instruments: Disclosures: – Gain or loss on derecognition – Disclosure of differences between the fair value and the transaction price – Disclosures on credit risk • IFRS 9 Financial Instruments: – Derecognition of lease liabilities – Transaction price • IFRS 10 Consolidated Financial Statements - Determination of a ‘de facto agent’ • IAS 7 Statement of Cash Flows - Cost Method

These amendments are mandatory for financial years beginning on or after 1 January 2026. Early application is permitted.

To access the text of the IASB press release, please click click here

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