Version 12 - July 2026 (CUD release)

Content update information

Financial Period Type: 12-Months (Annual)
Target Industry Type: Manufacturing, Services, Generic (excl. Financial Services)

IFRS legislative changes

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 standards

Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7. 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.
note
Although the Final Content Model for 2026 is still in progress the final scope will be defined later, and it is likely that these changes will have impact on all entities in the scope.
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7. 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.
note
Although the Final Content Model for 2026 is still in progress the final scope will be defined later, but it is likely that these changes will have impact on all entities.
IFRS 18 – Presentation and Disclosure in Financial Statements. 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.
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IFRS 18 content is expected to be incorporated within the Content Model 2026 release. Early adoption illustrative content has already been incorporated within the 2025 release.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures. 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.
Translation to a Hyperinflationary Presentation Currency – Amendments to IAS 21. 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.
Disclosures about Uncertainties in the Financial Statements. 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.
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28. 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.
IFRS Practice Statement 1: Management Commentary (Revised). 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.
IFRS 20 - Regulatory Assets and Regulatory Liabilities. 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.
Amendments to the Fair Value Option for Investments in Associates and Joint Ventures in IAS 28. 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.
Annual Improvements to IFRS Accounting Standards — Volume 11. The IASB's annual improvements process deals with non-urgent, but necessary, clarifications and amendments to IFRS. In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards — Volume 11. The following is the summary of the amendments from the Annual Improvements to IFRS Accounting Standards-Volume 11:
note
These are improvements published by IASB but not specific new standards, if the standard is applicable to the example used in Content Model this will be reflected within the updates for 2026.

Table of mandatory application

Additional information