Version 13 - August 2026 (CUD release)

Content update

Financial period type: 12-Months (Annual)
Target industry type: Manufacturing, services, and generic (excluding financial services)

Legislative changes for December 2026 financial year

Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
IFRS 18 – Presentation and Disclosure in Financial Statements
IFRS 19 - Subsidiaries without Public Accountability: Disclosures
Translation to a Hyperinflationary Presentation Currency – Amendments to IAS 21
Disclosures about Uncertainties in the Financial Statements
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28
IFRS Practice Statement 1: Management Commentary (Revised)
IFRS 20 - Regulatory Assets and Regulatory Liabilities
Amendments to the Fair Value Option for Investments in Associates and Joint Ventures in IAS 28
Annual Improvements to IFRS Accounting Standards - Volume 11

Early adoption available for these accounting standards

The amendments are effective for annual reporting periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later.
The new requirements will be applied retrospectively with an adjustment to opening retained earnings. Prior periods are not required to be restated and can only be restated without using hindsight. An entity is required to disclose information about financial assets that change their measurement category due to the amendments.

Effective for annual periods beginning on or after 1 January 2026. The amendments relating to the own-use exception must be applied retrospectively. An entity is not required to restate prior periods, and it is only permitted to do so if this can be done without using hindsight.
The hedge accounting amendments must be applied prospectively to new hedging relationships designated on or after the date of initial application.
The IFRS 7 disclosure amendments must be applied when the IFRS 9 amendments are applied. If an entity does not restate comparative information, then the entity must not present comparative disclosures.

Effective for annual periods beginning on or after 1 January 2027. IFRS 18, and the consequential amendments to the other accounting standards, is effective for reporting periods beginning on or after 1 January 2027 and must be applied retrospectively. Early adoption is permitted and must be disclosed.

Effective for annual periods beginning on or after 1 January 2027. IFRS 19 is effective for reporting periods beginning on or after 1 January 2027 and earlier adoption is permitted.
If an eligible entity chooses to apply the standard earlier, it is required to disclose that fact. An entity is required, during the first period (annual and interim) in which it applies the standard, to align the disclosures in the comparative period with the disclosures included in the current period under IFRS 19, unless IFRS 19 or another IFRS accounting standard permits or requires otherwise.

Effective for annual periods beginning on or after 1 January 2027. The amendments apply for annual reporting periods beginning on or after 1 January 2027 and earlier application is permitted.
If an entity's functional currency and presentation currency are the currency of a hyperinflationary economy (or are the currencies of different hyperinflationary economies) and it translates the results and financial position of foreign operations whose functional currency is that of a non hyperinflationary economy, then it is required to apply the amendments from the beginning of the annual reporting period in which it first applies the amendments.
In addition, it restates the comparative amounts of its foreign operations included in the entity's previously issued financial statements by applying the general price index it applies to corresponding figures in accordance with paragraph 34 of IAS 29.

Entities are entitled to sufficient time to implement any changes as a result of the illustrative examples. The examples do not have an effective date or transition requirements.
The topics addressed in the examples include the following topics: Materiality judgements, Assumptions: specific requirements about impairment testing, Assumptions: general requirements, Credit risk, Decommissioning and site restoration provisions, Disclosure of disaggregated information in the notes.

In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalized any amendments that result from its research project on the equity method.
Early application of the amendments is still permitted and must be disclosed. The amendments must be applied prospectively.

Companies are permitted to apply the revised guidance in the Practice Statement (revised PS) to financial statements prepared any time after 23 June 2025.
The revised PS is not an IFRS accounting standard, and an entity can prepare IFRS compliant financial statements without preparing management commentary that complies with the revised PS.

On 27 May 2026, the Board issued IFRS 20 Regulatory Assets and Regulatory Liabilities. IFRS 20 sets out the requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expense.
IFRS 20, and the consequential amendments to the other accounting standards, is effective for reporting periods beginning on or after 1 January 2029 and is applied either retrospectively in accordance with IAS 8 or using the modified retrospective approach which includes certain transition reliefs from the application of IAS 8.
Early adoption is permitted and has to be disclosed.

The amendments are applied when an entity first applies IFRS 18. If an entity elects to apply IFRS 18 for an earlier period, the amendments are applied consistently with that early application. However, if IFRS 18 is applied early for a period beginning before the issuance of the amendments, entities apply the amendments for the first reporting period ending on or after their issuance.
The amendments are applied retrospectively. Furthermore, an entity applying paragraph 11 of IAS 27 Separate Financial Statements is required to make the same change in its separate financial statements.

IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter
Paragraphs B5 and B6 of IFRS 1 have been amended to include cross references to the qualifying criteria for hedge accounting in paragraph 6.4.1(a), (b) and (c) of IFRS 9. These amendments are intended to address potential confusion arising from an inconsistency between the wording in IFRS 1 and the requirements for hedge accounting in IFRS 9.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
IFRS 7 Financial Instruments: Disclosures - Gain or Loss on Derecognition
The amendments update the language on unobservable inputs in paragraph B38 of IFRS 7 and include a cross reference to paragraphs 72 and 73 of IFRS 13 Fair Value Measurement.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
Guidance on implementing IFRS 7 Financial Instruments: Disclosures - Introduction
The amendments to paragraph IG1 of the Guidance on implementing IFRS 7 clarify that the guidance does not necessarily illustrate all the requirements in the referenced paragraphs of IFRS 7, nor does it create additional requirements.
Guidance on implementing IFRS 7 Financial Instruments: Disclosures - Disclosure of Deferred Difference between Fair Value and Transaction Price
Paragraph IG14 of the Guidance on implementing IFRS 7 has been amended mainly to make the wording consistent with the requirements in paragraph 28 of IFRS 7 and with the concepts and terminology used in IFRS 9 and IFRS 13.
Guidance on implementing IFRS 7 Financial Instruments: Disclosures - Credit Risk Disclosures
Paragraph IG20B of the Guidance on implementing IFRS 7 has been amended to simplify the explanation of which aspects of the IFRS requirements are not illustrated in the example.
IFRS 9 Financial Instruments - Lessee Derecognition of Lease Liabilities
Paragraph 2.1 of IFRS 9 has been amended to clarify that, when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply paragraph 3.3.3 and recognise any resulting gain or loss in profit or loss. However, the amendment does not address how a lessee distinguishes between a lease modification as defined in IFRS 16 and an extinguishment of a lease liability in accordance with IFRS 9.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
IFRS 9 Financial Instruments - Transaction Price
Paragraph 5.1.3 of IFRS 9 has been amended to replace the reference to 'transaction price as defined by IFRS 15 Revenue from Contracts with Customers' with 'the amount determined by applying IFRS 15'. The use of the term 'transaction price' in relation to IFRS 15 was potentially confusing and so it has been removed. The term was also deleted from Appendix A of IFRS 9.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
IFRS 10 Consolidated Financial Statements - Determination of a De Facto Agent
Paragraph B74 of IFRS 10 has been amended to clarify that the relationship described in paragraph B74 is just one example of various relationships that might exist between the investor and other parties acting as de facto agents of the investor. The amendments are intended to remove the inconsistency with the requirement in paragraph B73 for an entity to use judgement to determine whether other parties are acting as de facto agents.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
IAS 7 Statement of Cash Flows - Cost Method
Paragraph 37 of IAS 7 has been amended to replace the term 'cost method' with 'at cost', following the prior deletion of the definition of 'cost method'.
An entity applies the amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.

Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
Effective date*: 1 Jan 2026
First time applied in annual periods ending on the last day of these months**:
Jan 2027
Feb 2027
Mar 2027
Apr 2027
May 2027
Jun 2027
Jul 2027
Aug 2027
Sep 2027
Oct 2027
Nov 2027
Dec 2026
Annual Improvements to IFRS Accounting Standards—Volume 11
Effective date*: 1 Jan 2026
First time applied in annual periods ending on the last day of these months**:
Jan 2027
Feb 2027
Mar 2027
Apr 2027
May 2027
Jun 2027
Jul 2027
Aug 2027
Sep 2027
Oct 2027
Nov 2027
Dec 2026
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
Effective date*: 1 Jan 2026
First time applied in annual periods ending on the last day of these months**:
Jan 2027
Feb 2027
Mar 2027
Apr 2027
May 2027
Jun 2027
Jul 2027
Aug 2027
Sep 2027
Oct 2027
Nov 2027
Dec 2026
IFRS 18 – Presentation and Disclosure in Financial Statements
Effective date*: 1 Jan 2027
First time applied in annual periods ending on the last day of these months**:
Jan 2028
Feb 2028
Mar 2028
Apr 2028
May 2028
Jun 2028
Jul 2028
Aug 2028
Sep 2028
Oct 2028
Nov 2028
Dec 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
Effective date*: 1 Jan 2027
First time applied in annual periods ending on the last day of these months**:
Jan 2028
Feb 2028
Mar 2028
Apr 2028
May 2028
Jun 2028
Jul 2028
Aug 2028
Sep 2028
Oct 2028
Nov 2028
Dec 2027
Translation to a Hyperinflationary Presentation Currency – Amendments to IAS 21
Effective date*: 1 Jan 2027
First time applied in annual periods ending on the last day of these months**:
Jan 2028
Feb 2028
Mar 2028
Apr 2028
May 2028
Jun 2028
Jul 2028
Aug 2028
Sep 2028
Oct 2028
Nov 2028
Dec 2027
IFRS 20 - Regulatory Assets and Regulatory Liabilities
Effective date*: 1 Jan 2029
First time applied in annual periods ending on the last day of these months**:
Jan 2030
Feb 2030
Mar 2030
Apr 2030
May 2030
Jun 2030
Jul 2030
Aug 2030
Sep 2030
Oct 2030
Nov 2030
Dec: 2029
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37
Effective date*: Note 1
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28
Effective date*: Note 2
Amendments to the Fair Value Option for Investments in Associates and Joint Ventures in IAS 28
Effective date*: Note 3

That this overview covers for year-end reporting until 31 December 2026. Therefore also pronouncements with effective date 1 January 2026 are included as these shall be applied for the first time for financial years ended at e.g. 31 January 2026.
If the “first time applied in annual periods ending on the last day of the month” is December 2026, this means that a Company with a year ending 31 December 2026 would apply this standard for the annual period ending 31 December 2026, i.e. applicable for the reporting period from 1 January 2026 until 31 December 2026.

Local country specific changes above IFRS based on local GAAP?