The IASB favours issuing standards and amendments to be effective for accounting periods beginning on or after 1 January in any given year. Future changes are generally available for early adoption (subject to UK endorsement for UK preparers / EU endorsement for EU preparers).
The tables below summarises the amendments according to calendar years. Links are provided to our IFRS Accounting Standards pages where further details of the changes can be found.
The dates listed below are those stated within a standard or other pronouncement as issued by the IASB.
Changes coming into effect for accounting periods beginning on or after 1 January:
2025
| New standard/amendment | Standard(s) affected |
|---|---|
| Lack of Exchangeability | IAS 21 The Effects of Changes in Foreign Exchange Rates |
2024
| >New standard/amendment | Standard(s) affected |
|---|---|
| Classification of Liabilities as Current or Non-current amendment to IAS 1 |
IAS 1 Presentation of Financial Statements |
| Non-current Liabilities with Covenants |
IAS 1 Presentation of Financial Statements |
| Lease Liability in a Sale and Leaseback |
IFRS 16 Leases |
| Supplier Finance Arrangements | IAS 7 Statement of Cash Flows IFRS 7 Financial Instruments: Disclosures |
2023
| New standard/amendment | Standard(s) affected |
|---|---|
| IFRS 17 Insurance Contracts | IFRS 17 Insurance Contracts |
| Amendments to IFRS 17 | IFRS 17 Insurance Contracts |
| Initial Application of IFRS 17 and IFRS 9 – Comparative Information | IFRS 17 Insurance Contracts |
| Disclosure of Accounting Policies | IAS 1 Presentation of Financial Statements IAS 26 Accounting and Reporting by Retirement Benefits Plans IAS 34 Interim Financial Reporting IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments |
| Definition of Accounting Estimates | IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors |
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction | <IAS 12 Income Taxes |
| International Tax Reform – Pillar Two Model Rules |
2022
| New standard/amendment | Standard(s) affected |
|---|---|
| Property, Plant and Equipment: Proceeds before Intended Use | IAS 16 Property, Plant and Equipment |
| Onerous Contracts - Costs of Fulfilling a Contract | IAS 37 Provisions, Contingent Liabilities and Contingent Assets |
| Reference to the Conceptual Framework – amendments to IFRS 3 | IFRS 3 Business Combinations |
| Annual Improvements 2018-2020 Cycle |
IFRS 1 First-time Adoption of IFRS IFRS 9 Financial Instruments IFRS 16 Leases IAS 41 Agriculture |
UK preparers that prepare their financial statements in accordance with UK-adopted international accounting standards can only apply accounting standards once they have been endorsed.
EU preparers are required to prepare their financial statements in accordance with IFRSs as adopted in the EU, and therefore can only apply accounting standards once they have been endorsed.
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Update History
- 29 Mar 2011 (12: 00 AM BST)
- Page first published
- 29 Nov 2024 (12: 00 AM GMT)
- Page changed to new template (no textual changes made)
- 13 Mar 2025 (12: 00 AM GMT)
- 2019-2021 amendments removed. Footnotes removed. 2025 table added. Additions made to 2023 and 2024.