The Annual Improvements were published by the International Accounting Standards Board (IASB) in July 2024, and we wrote about them in the article IASB finalised volume 11 of annual improvements.

The Annual Improvements contain minor amendments to five IFRS Accounting Standards and include clarifications, simplifications, corrections and changes in the following areas:

• hedge accounting by a first-time adopter (IFRS 1);
• gain or loss on derecognition (IFRS 7);
• disclosure of deferred difference between fair value and transaction price (IFRS 7);
• introduction and credit risk disclosures (IFRS 7);
• lessee derecognition of lease liabilities (IFRS 9);
• transaction price (IFRS 9);
• determination of a ‘de facto agent’ (IFRS 10); and
• cost method (IAS 7).

The amendments are effective for annual reporting periods beginning on or after 1 January 2026. Early application of the amendments is permitted.

The amendments do not include transition requirements, other than that an entity is required to apply the amendment to IFRS 9:2.1(b)(ii) to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.

You can find more information in GAAP in Focus — IASB issues amendments to IFRS Accounting Standards as part of its annual improvements process.

You can find the complete text of the adopted amendments on the official Eur-Lex website.

Zdroj: www.iasplus.com