The tables outline the effective dates of IFRS Accounting Standards, separately identifying the effective date of each significant amendment made to those standards for financial
statements starting on or after 1 January 2025 (together with approved but not yet effective standards as at 1 January 2025)
Entities should consider these to determine the impact of new pronouncements in accordance with IAS 8 disclosure requirements.
The International Accounting Standards Board (IASB) issues various new pronouncements that need to be considered annually when entities prepare financial statements to ensure compliance with IFRS® Accounting Standards.
Entities must apply these amendments from the standard’s effective date and should consider disclosure requirements of IAS 8 when disclosing the impact thereof on its financial statements.
Although an entity is not required to disclose immaterial impacts and amendments, IAS 1.122 requires disclosure of material judgments that were made in this regard. This means that where an entity concludes that there is no material impact from these amendments, or a standard is not effective, disclosure may still be required due to material judgments in this regard.
New IFRS amendments
| Standards/Amendments effective 1 January 2025 | ||
| STANDARD | Nature of change | Issued date |
| IAS 21 The effects of changes in foreign exchange rates | Amendment relating to lack of exchangeability | 01/08/2023 |
| Standards/Amendments not yet effective | ||
| STANDARD | Nature of change | Effective date |
| Amendments to IFRS 10 and IAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | TBA |
| Standards/Amendments not yet effective | ||
| STANDARD | Nature of change | Effective date |
| IFRS 1 First time Adoption of IFRS* | Hedge accounting for first- time adopter | 01/01/2026 |
| IFRS 7 Financial Instruments: Disclosures* | Gain or loss on derecognition | 01/01/2026 |
| Guidance on implementing IFRS 7 Financial Instruments: Disclosures* | Introduction, disclosure of deferred difference between fair value and transaction price, and credit risk disclosures. | 01/01/2026 |
|
IAS 7 Statement of Cash Flows* |
Cost method | 01/01/2026 |
| IFRS 9 Financial instruments* | Derecognition of lease liabilities and Transaction price | 01/01/2026 |
|
IFRS 9 and IFRS 7 Financial instruments |
Contracts referencing nature-dependent Electricity | 01/01/2026 |
|
IFRS 9 and IFRS 7 Financial instruments |
Amendments to classification and measurement of financial instruments | 01/01/2026 |
| IFRS 10 Consolidated Financial Statements | Determination of a ‘de facto agent’ | 01/01/2026 |
| IFRS 18 Presentation and Disclosure to AFS | Presentation and Disclosure in Financial Statements. | 01/01/2027 |
| IFRS 19 Subsidiaries without public accountability | Subsidiaries without public accountability | 01/01/2027 |
*Annual improvements IFRS Accounting Standards, Volume 11, July 2024
Author:
Zamicebo Dlamini
28 February 2025
