4 Annual Improvements to IFRS Accounting Standards – Volume 11

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30 January 2025 Agenda Paper 4 UKEB UK Endorsement Board

Executive Summary

Project Stage

IASB	Research / Pipeline	Discussion paper	Redeliberation	Exposure Draft	Redeliberation	Final standard	Post Implementation Review
UKEB	Research / Influencing	Research / Influencing	Monitoring	Influencing	Monitoring	Endorsement	Influencing

Project Scope

Purpose of the paper

In July 2024, the International Accounting Standards Board (IASB) published Annual Improvements to IFRS Accounting Standards – Volume 11 which contains amendments to IFRS 1, 7, 9, 10 and IAS 7 (the Amendments). The purpose of this paper is to request the Board's approval of the individual documents included as part of the 'adoption package' for the project to assess the Amendments for adoption.

The documents included in the adoption package are:

the [draft] Endorsement Criteria Assessment (ECA);
the [draft] Feedback Statement;
the [draft] Due Process Compliance Statement;
the [draft] Adoption Statements for the Amendments to IFRS 1, 7, 9, 10 and IAS 7; and
the [draft] text of the UK-adopted international accounting standards (Amendments to IFRS 1, 7, 9, 10 and IAS 7).

Summary of the Issue

In October 2024, the UKEB published a DECA that tentatively concluded each amendment meets the adoption criteria set out in legislation. Five formal responses were received, all agreeing with the UKEB's assessment. Therefore, the Secretariat do not propose any substantive changes from the assessment included in the [draft] ECA.

Decisions for the Board

Subject to any changes suggested at this meeting, does the Board approve: a. The ECA (Appendix A)? b. The Feedback Statement (Appendix B)? c. The [draft] Due Process Compliance Statement (Appendix C)?
Does the Board tentatively approve the adoption of the Amendments to IFRS 1, 7, 9, 10 and IAS 7 for use in the UK?

Recommendation

The Secretariat recommends that the Board:

approves the relevant documents in the adoption package; and
tentatively approves the adoption of the Amendments to IFRS 1, 7, 9, 10 and IAS 7.

Appendices

Appendix A [Draft] Endorsement Criteria Assessment Appendix B [Draft] Feedback Statement Appendix C [Draft] Due Process Compliance Statement Appendix D [Draft] Adoption Statements for the Amendments to IFRS 1, 7, 9, 10 and IAS 7 Appendix E Annex to the Adoption Statement: Text of the UK-adopted international accounting standards (Amendments to IFRS 1, 7, 9, 10 and IAS 7)

Annual Improvements to IFRS Accounting Standard – Volume 11

The IASB issues "annual improvements" to international accounting standards as part of its continuous effort to maintain and improve IFRS Accounting Standards and to support consistent application. They are limited to amendments that clarify the wording in specific IFRS Accounting Standards or correct relatively minor unintended consequences, oversights or conflicts between existing requirements.

The Amendments included in this project are:

IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge accounting by a first-time adopter. The amendment replaces the word 'conditions' with 'qualifying criteria' and adds cross-references to paragraph 6.4.1 of IFRS 9 in paragraphs B5–B6 of IFRS 1. This is to ensure consistency with the wording in IFRS 9.
IFRS 7 Financial Instruments: Disclosures - Gain or loss on derecognition. The amendment replaces the reference to paragraph 27A of IFRS 7, a paragraph that no longer exists, with a reference to paragraphs 72–73 of IFRS 13; and replaces the phrase 'inputs that were not based on observable market data' with 'unobservable inputs'.
IFRS 9 Financial Instrument - Lessee derecognition of lease liabilities. The amendment clarifies a lessee's accounting for derecognition of a lease liability by adding a cross-reference to paragraph 3.3.3 of IFRS 9 in paragraph 2.1(b)(ii) of IFRS 9.
IFRS 9 Financial Instrument - Transaction price. The amendment deletes the reference to 'transaction price' and revises the wording around it in paragraph 5.1.3; and removes the reference to IFRS 15 in Appendix A.
IFRS 10 Consolidated Financial Statement - Determination of a 'de facto' agent. The amendment clarifies the requirements in paragraph B74 of IFRS 10.
IAS 7 Statement of Cash Flows - Cost method. The amendment replaces the term 'cost method', a term that is no longer defined in IFRS Accounting Standards, with 'at cost' in paragraph 37 of IAS 7.

Endorsement of the Amendments

UKEB endorsement project

1At its October 2024 meeting, the UKEB approved a Project Initiation Plan for the endorsement project on the Amendments and the Draft Endorsement Criteria Assessment (DECA) for the Amendments for stakeholder consultation.

2The DECA set out the UKEB's provisional assessment of whether the Amendments met the UK's statutory requirements for adoption. The DECA was published on 18 October 2024 and was open for comment until 17 January 2025.

Scope of the adoption assessment

3The Amendments make changes to mandatory parts of IFRS 1, 7, 9, 10 and IAS 7 and to Application Guidance that is an integral part of the accounting standards. These changes to the mandatory parts of the Standard form part of the UKEB’s adoption assessment.

4The Amendments also include additions to the non-mandatory guidance, Illustrative Examples and Bases for Conclusions, that accompany IFRS 1, 7, 9, 10 and IAS 7 but do not form part of them. These have not been included as part of the UKEB's assessment as UK-adopted international accounting standards comprise only the mandatory¹ sections of standards. Nevertheless, a review of these amendments carried out prior to the issuance of the DECA did not identify any specific issues.

Stakeholder feedback and final adoption package

5Five formal responses were received from stakeholders, four from accounting firms and one from an accounting and audit representative organisation. All have been uploaded on the UKEB website and can be accessed here.

6All respondents agreed with the UKEB's assessment in the DECA and support the adoption of the Amendments with no further comment. Therefore, the Secretariat conclude that no substantive amendments are required. A track changes version of the ECA is presented as Appendix A to illustrate the editorial changes from DECA to ECA.

7The Feedback Statement at Appendix B includes a summary of the stakeholder feedback and the UKEB response.

Decision for the Board

8A draft Due Process Compliance Statement (DPCS) is included as Appendix C. It sets out the process followed during this endorsement project and its compliance with the UKEB's due process. A final DPCS will be presented for noting at the February 2025 Board meeting.

9The Secretariat has completed the work on the assessment of the Amendments. The Board is therefore asked whether it has any comments on the following documents:

a) the final ECA (Appendix A)? b) the Feedback Statement (Appendix B)? c) the draft Due Process Compliance Statement (Appendix C)?

1Subject to any changes suggested at this meeting, does the Board approve the documents identified in paragraph 9 above?

Project closure

10In accordance with the UKEB's Due Process Handbook paragraph 6.30, the project closure process for endorsement projects comprises the following steps:

a) preparation of an 'adoption package' for the Amendments; and b) formal voting on the adoption of the amended standard.

Adoption package

11In accordance with paragraph 6.31 of the Due Process Handbook, the individual documents within the adoption package for the Amendments are:

a) the final ECA (Appendix A); b) the Feedback Statement (Appendix B); c) the Due Process Compliance Statement (Appendix C); d) the Adoption Statements for the Amendments (Appendix D); and e) the Annex to the Adoption Statements: the text of the UK-adopted international accounting standards (Appendix E).

Voting on the adoption of the Amendments

12Decisions on the adoption of a standard or amendments are made at public Board meetings and follow the requirements of paragraphs 5.2–5.5 in Section 5 of the UKEB's Terms of Reference (ToR).

13In line with the ToR and paragraph 6.42–6.44 of the Due Process Handbook, at this meeting, Board members are asked to provide a tentative vote on the adoption of the Amendments based on the information included in the adoption package.

14The written forms for the formal vote will be sent to Board members after this meeting. The result of that formal vote, when completed, will be updated on the UKEB website in line with the Board's ToR.

Decision for the Board

1Subject to any comments at this meeting, does the Board tentatively approve the adoption of the Amendments to IFRS 1, 7, 9, 10 and IAS 7 for use in the UK?

Endorsement and adoption timeline

Timeline showing key project milestones and dates from September 2024 to February 2025, including meetings, approvals, and publication deadlines.

Draft Endorsement Criteria Assessment

Annual Improvements to IFRS Accounting Standards – Volume 11 October 2024 January 2025

The UKEB does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.

Introduction Section 1: UK statutory requirements for adoption Section 2: Description and assessment of the Amendments Appendix A: Glossary

Introduction

Purpose

1The purpose of this Draft Endorsement Criteria Assessment (DECA) is to determine whether Annual Improvements to IFRS Accounting Standards–Volume 11 (the Amendments), issued by the International Accounting Standards Board (IASB) in July 2024, meet the UK's statutory requirements for adoption as set out in Regulation 7 of Statutory Instrument 2019/685¹ (SI 2019/685).

2The Amendments have an effective date of 1 January 2026 with earlier application permitted.

3The UKEB actively influenced the development of the Amendments. This included submitting a Final Comment Letter on 14 December 2023² in response to the IASB's Exposure Draft (ED) IASB/AI/ED/2023/13 Annual Improvements to IFRS Accounting Standards–Volume 11.

Background to the Amendments

4The IASB issues amendments to international accounting standards as part of its continuous effort to maintain and improve IFRS Standards and to support consistent application.

5The Amendments originate from questions submitted by external stakeholders to the IFRS Interpretations Committee⁴. The Amendments to mandatory sections of UK-adopted international accounting standards are listed below:

a) Hedge accounting by a first-time adopter (Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards) b) Gain or loss on derecognition (Amendments to IFRS 7 Financial Instruments: Disclosures) c) Transaction price (Amendments to IFRS 9 Financial Instruments) d) Derecognition of lease liabilities (Amendments to IFRS 9) e) Determination of a 'de facto agent' (Amendments to IFRS 10 Consolidated Financial Statements) f) Cost method (Amendments to IAS 7 Statement of Cash Flows)

6Section 2 and Annex A in this DECA provides a brief description of the Amendments.

Scope of the adoption assessment

7The scope of the adoption assessment is limited to endorsement and adoption of six Annual Improvements that relate to mandatory sections of UK-adopted international accounting standards.

8As UK-adopted international accounting standards comprise only the mandatory⁷ sections of standards, two additional amendments to the Illustrative Examples, Implementation Guidance and Basis for Conclusions of the IFRS Accounting Standards⁵ are not adopted by the Board and are not considered in this DECA.

Structure of the assessment

9The UKEB's analysis is presented in the following sections:

a) Section 1: describes UK statutory requirements for adoption of new or amended international accounting standards; and b) Section 2: discusses how the Amendments meet the criteria in Section 1.

Do the Amendments lead to a significant change in accounting practice?

10A standard adopted by the UKEB under Regulation 6 of SI 2019/685 that it considers is likely to lead to a 'significant change in accounting practice', is subject to the requirements in paragraph 3 of Regulation 11 of SI 2019/685 that the UKEB:

"(a) carry out a review of the impact of the adoption of the standard; and (b) publish a report setting out the conclusions of the review no later than 5 years after the date on which the standard takes effect (being the first day of the first financial year in respect of which it must be used)".

11Section 2 of the DECA discusses whether the Amendments lead to a significant change in accounting practice and, subject to any stakeholder feedback, [tentatively] concludes that they do not.

Section 1: UK statutory requirements for adoption

UK statutory requirements

1.1Paragraph 1 of Regulation 7 of SI 2019/685 requires that an international accounting standard only be adopted if:

"(a) the standard⁸ is not contrary to either of the following principles– (i) an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss; (ii) consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns members of the undertaking; (b) the use of the standard is likely to be conducive to the long term public good in the United Kingdom; and (c) the standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.”

1.2This DECA assesses the criteria above in the following order:

a) Whether the Amendments meet the criteria of relevance, reliability, understandability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management (Regulation 7(1)(c)). b) Whether the Amendments are not contrary to the principle that an entity's accounts must give a true and fair view (Regulation 7(1)(a)). c) Whether use of the Amendments is likely to be conducive to the long term public good in the UK (Regulation 7(1)(b)). Regulation 7(2) of SI 2019/685 includes specific areas to consider for this assessment. They are:

i. whether the Amendments are likely to improve the quality of financial reporting; ii. the costs⁹ and benefits that are likely to result from the use of the Amendments; and iii. whether the Amendments are likely to have an adverse effect on the economy of the UK, including on economic growth.

Relevance, Reliability, Understandability and Comparability

1.3Information is relevant if it is capable of making a difference in the decision-making of users¹¹ or in their assessment of the stewardship of management. The information may aid predictions of the future, confirm or change evaluations of the past, or both.

1.4Financial information is reliable if, within the bounds of materiality, it:

a) can be depended on by users to represent faithfully what it either purports to represent or could reasonably be expected to represent; b) is complete; and c) is free from material error and bias.

1.5Financial information should be readily understandable by users with a reasonable knowledge of business and economic activities and accounting, and a willingness to study the information with reasonable diligence.

1.6Information is comparable if it enables users to identify and understand similarities in, and differences among, items. Information about an entity should be comparable with similar information about other entities and with similar information about the same entity for another period.

Footnotes

the costs and benefits that are likely to result from the use of the Amendments; and
whether the Amendments are likely to have an adverse effect on the economy of the UK, including on economic growth.

Relevance, Reliability, Understandability and Comparability 10

1.3 Information is relevant if it is capable of making a difference in the decision-making of users¹¹ or in their assessment of the stewardship of management. The information may aid predictions of the future, confirm or change evaluations of the past, or both.

1.4 Financial information is reliable if, within the bounds of materiality, it:

can be depended on by users to represent faithfully what it either purports to represent or could reasonably be expected to represent;
is complete; and
is free from material error and bias.

1.5 Financial information should be readily understandable by users with a reasonable knowledge of business and economic activities and accounting, and a willingness to study the information with reasonable diligence.

1.6 Information is comparable if it enables users to identify and understand similarities in, and differences among, items. Information about an entity should be comparable with similar information about other entities and with similar information for the same entity for another period.

1.7 In conducting the overall assessment against the technical accounting criteria, the UKEB is required to adopt an absolute, rather than a relative, approach. This means that this assessment is an absolute one against the criteria (do the Amendments provide information that is understandable, relevant, reliable and comparable?) rather than a relative one (do the Amendments provide information that is more understandable, relevant, reliable and comparable than current, or any other, accounting?). When an assessment of any individual aspect or requirement of the Amendments uses comparative language (e.g. 'enhances comparability'), this does not mean that the objective is to reflect a real comparison in relative terms. Instead, the objective is to explain that any individual aspect or requirement of the Amendments has the potential to “enhance” one or more of the qualitative characteristics. Consideration of whether the Amendments are likely to improve the quality of financial reporting is separate from this assessment and is included within the UK long term public good assessment in Section 2.

True and fair view assessment

1.8 As noted above, the first adoption criterion set out in Regulation 7(1) of SI 2019/685 requires that an international accounting standard can be adopted only if:

"[....] the standard is not contrary to either of the following principles—

an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;

consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns members of the undertaking; [....]"

1.9 For the sake of brevity, the UKEB refers to the assessment against this endorsement criterion as 'the true and fair view assessment' and to the principles set out in Regulation 7(1)(a) as the ‘true and fair principle'. However, these abbreviated expressions do not imply that the assessment has considered anything other than the full terms of the endorsement criterion set out above.

1.10 The duty of the UKEB under Regulation 7(1)(a) is to determine generically, before a standard is applied to a set of accounts, whether that standard is 'not contrary' to the true and fair principle. In other words, it is an ex-ante assessment. The UKEB has therefore considered whether the Amendments contain any requirement that would prevent accounts prepared using the Amendments from giving a true and fair view.

1.11 The approach is to determine whether the Amendments are not contrary to the true and fair principle in respect of any of the specific items identified in Regulation 7(1)(a) (namely, the assets, liabilities, financial position and profit or loss) in the context of the preparation of the accounts as a whole. A holistic approach has been taken to this assessment, considering the impact of the Amendments taken as a whole, including their interaction with other UK-adopted international accounting standards.

1.12 For the purposes of the assessment, the UKEB considers the requirement in IAS 1 Presentation of Financial Statements for financial statements to 'present fairly the financial position, financial performance and cash flows of an entity'¹² to be equivalent to the Companies Act 2006 requirement for accounts to give a true and fair view.

1.13 This assessment is separate from the duty of directors under section 393(1) of the Companies Act 2006, which requires directors to be satisfied that a specific set of accounts gives a true and fair view of an undertaking's or group's assets, liabilities, financial position and profit or loss.

[Draft-Adoption decision]

1.14 [Section 2 of this DECA discusses how the Amendments meet the statutory endorsement criteria set out in this Section 1.

1.15 On the basis of these assessments, and subject to any stakeholder feedback, the UKEB [tentatively] concludes that each of the six Amendments meet the statutory endorsement criteria. The UKEB is therefore of the view that it will adopt each of the six Amendments for use in the UK.]

Section 2: Description and assessment of the Amendments

Amendments	Page
A) Hedge accounting by a first-time adopter (Amendments to IFRS 1)	12–14
B) Gain or loss on derecognition (Amendments to IFRS 7)	15–18
C) Derecognition of lease liabilities (Amendments to IFRS 9)	19–22
D) Transaction price (Amendments to IFRS 9)	23–25
E) Determination of a 'de facto agent' (Amendments to IFRS 10)	26–28
F) Cost method (Amendments to IAS 7)	29–31

A) Hedge accounting by a first-time adopter (Amendments to IFRS 1)

| | I. Relevance, Reliability, Understandability and Comparability¹⁰

1.4 Financial information is reliable if, within the bounds of materiality, it:

can be depended on by users to represent faithfully what it either purports to represent or could reasonably be expected to represent;
is complete; and
is free from material error and bias.

True and fair view assessment

1.8 As noted above, the first adoption criterion set out in Regulation 7(1) of SI 2019/685 requires that an international accounting standard can be adopted only if:

"[....] the standard is not contrary to either of the following principles—

an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;

consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns members of the undertaking; [....]"

[Draft-Adoption decision]

1.14 [Section 2 of this DECA discusses how the Amendments meet the statutory endorsement criteria set out in this Section 1.

Section 2: Description and assessment of the Amendments

Amendments	Page
A) Hedge accounting by a first-time adopter (Amendments to IFRS 1)	12–14
B) Gain or loss on derecognition (Amendments to IFRS 7)	15–18
C) Derecognition of lease liabilities (Amendments to IFRS 9)	19–22
D) Transaction price (Amendments to IFRS 9)	23–25
E) Determination of a 'de facto agent' (Amendments to IFRS 10)	26–28
F) Cost method (Amendments to IAS 7)	29–31

A) Hedge accounting by a first-time adopter (Amendments to IFRS 1)


Title and issue date of final amendments	IFRS Accounting Standards Annual Improvements Volume 11 issued on 18 July 2024¹³–Hedge accounting by a first-time adopter
Origin	The IASB was informed of potential confusion arising from an inconsistency in wording between paragraph B6 of IFRS 1 First-time Adoption of International Financial Reporting Standards and the requirements for hedge accounting in IFRS 9 Financial Instruments.
What has changed?	The Amendments to IFRS 1: clarify the requirements by adding cross-references to paragraph 6.4.1 of IFRS 9 in paragraphs B5–B6 of IFRS 1; and clarify the wording by replacing the word 'conditions' with 'qualifying criteria' in paragraph B6 of IFRS 9.
Transition requirements	An entity shall apply the amendments for annual reporting periods beginning on or after 1 January 2026. If an entity applies the Amendments for an earlier period, it shall disclose that fact.
Technical criteria assessment
Relevance, reliability, understandability and comparability	Paragraphs B5–B6 of IFRS 1 were originally written to be consistent with the requirements for hedge accounting in IAS 39 Financial Instruments: Recognition and Measurement. In particular, the use of the word 'conditions' in paragraph B6 is consistent with paragraph 88 of IAS 39. First-time adopters of IFRS Accounting Standards do not have an option to apply the hedge accounting requirements in IAS 39 and only apply IFRS 9. Replacing the word 'conditions' with 'qualifying criteria' ensures the wording in paragraph B6 of IFRS 1 uses terminology consistent with paragraph 6.4.1 of IFRS 9, thus improving understandability. Further, the addition of the cross-references to IFRS 9 is expected to avoid unintended consequences by clarifying that paragraph B5 of IFRS 1 sets out the 'eligibility' of hedge accounting while paragraph B6 of IFRS 1 sets out other 'qualifying criteria' of hedge accounting. This is expected to ensure consistent application of the requirements and therefore the comparability of the resulting information in the financial statements.
Conclusion	Overall, the UKEB concludes that the Amendments meet the criteria of relevance, reliability, understandability, and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by Regulation 7(1)(c) of SI 2019/685.
True and fair view assessment
Description	The Amendments clarify the wording and requirements in the IFRS Accounting Standards. As discussed above, the Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Reliability includes the notion of faithful representation of the economic substance of transactions and events. The technical accounting criteria assessment underpins the overall true and fair view assessment.
Conclusion	The assessment has not identified any requirement of the Amendments, either alone or in conjunction with international accounting standards adopted for use in the UK, that would prevent individual or group accounts prepared using the Amendments from giving a true and fair view of the undertaking's or group's assets, liabilities, financial position and profit or loss. The UKEB is satisfied, therefore, that the circumstances in which the application of the Amendments would result in accounts which did not give a true and fair view would be extremely rare. Overall, the UKEB concludes that the Amendments are not contrary to the true and fair view principle set out in Regulation 7(1)(a) of SI 2019/685.
UK long term public good
Description of entities that will be impacted	The Amendments to IFRS 1 are only relevant to the very few UK companies that are first-time adopters of IFRS Accounting Standards. Further, the Amendments merely clarify the wording and the requirements in paragraphs B5–B6 of IFRS 1. Therefore, the UKEB does not expect UK companies to be materially affected.
Do the amendments improve financial reporting?	The Amendments clarify the wording and requirements in the IFRS Accounting Standards. As discussed above in the technical accounting criteria assessment, these Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Given this, it is expected that the Amendments will improve financial reporting.
Costs and benefits for preparers and users	Costs and benefits for preparers: Given that the Amendments are merely clarifying narrowly focused requirements in IFRS 1 for first-time adopters of the IFRS Accounting Standards, the UKEB believes that most preparers are not expected to be impacted. For first time adopters, the Amendments are not additive, they are simply expected to provide greater clarity with clearer language and make it easier for preparers to navigate the requirements through the updated cross-references. Therefore, the Amendments are not expected to generate any significant additional costs. Costs and benefits for users: The Amendments are not expected to have a material effect on the financial statements of the very few entities that are likely to be in scope. Therefore, users are not expected to face material costs in interpreting the information in the financial statements.
Whether the amendments are likely to have an adverse effect on UK economy	The Amendments are narrow in scope and expected to bring improved financial reporting when compared to current standards. More specifically, the Amendments are expected to clarify the wording and enhance the cross-references in the IFRS Accounting Standards therefore leading to comparable and better information in the financial statements. The UKEB has not identified any factors that would indicate that these Amendments would lead to changes that are detrimental to the UK economy.
Conclusion	Having considered all relevant aspects, including the trade-off between the costs and benefits of implementing the Amendments jointly, the UKEB concludes that the use of the Amendments is likely to be conducive to the long term public good in the UK as required by Regulation 7(1)(b) of SI 2019/685.

B) Gain or loss on derecognition (Amendments to IFRS 7)


Title and issue date of final amendments	IFRS Accounting Standards Annual Improvements Volume 11 issued on 18 July 2024¹⁴–Gain or loss on derecognition
Origin	The IASB was informed of potential confusion in paragraph B38 of IFRS 7 Financial Instruments: Disclosures arising from the reference to a paragraph that has been deleted from the IFRS Accounting Standard (paragraph 27A).
What has changed?	The Amendments to IFRS 7: correct a minor oversight by replacing the reference to paragraph 27A of IFRS 7, which no longer exists, with a reference to paragraphs 72–73 of IFRS 13; and clarify the wording by replacing the phrase ‘inputs that were not based on observable market data’ with 'unobservable inputs'.
Transition requirements	An entity shall apply the amendments for annual reporting periods beginning on or after 1 January 2026. If an entity applies the Amendments for an earlier period, it shall disclose that fact.
Technical criteria assessment
Relevance, reliability, understandability and comparability	The Amendments replace the reference to paragraph 27A of IFRS 7, a paragraph that no longer exists, with a reference to paragraphs 72–73 of IFRS 13 Fair Value Measurement. The current reference to paragraph 27A is from an oversight during issuance of IFRS 13 in May 2011 when no consequential amendment was made to paragraph B38 of IFRS 7. The Amendments also replace the phrase 'inputs that were not based on observable market data' with 'unobservable inputs' in paragraph B38 of IFRS 7. The term 'unobservable inputs' is a defined term in IFRS 13 and well understood by the stakeholders. The removal of the obsolete cross-reference and the revised wording are expected to ensure understandability of the requirements and consistent implementation of the requirements leading to reliable and comparable information in the financial statements.
Conclusion	Overall, the UKEB concludes that the Amendments meet the criteria of relevance, reliability, understandability, and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by Regulation 7(1)(c) of SI 2019/685.
True and fair view assessment
Description	The Amendments: a) correct a minor oversight between existing requirements of the IFRS Accounting Standards; and b) clarify the wording in the IFRS Accounting Standards. As discussed above, the Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Reliability includes the notion of faithful representation of the economic substance of transactions and events. The technical accounting criteria assessment underpins the overall true and fair view assessment.
Conclusion	The assessment has not identified any requirement of the Amendments, either alone or in conjunction with international accounting standards adopted for use in the UK, that would prevent individual or group accounts prepared using the Amendments from giving a true and fair view of the undertaking's or group's assets, liabilities, financial position and profit or loss. The UKEB is satisfied, therefore, that the circumstances in which the application of the Amendments would result in accounts which did not give a true and fair view would be extremely rare. Overall, the UKEB concludes that the Amendments are not contrary to the true and fair view principle set out in Regulation 7(1)(a) of SI 2019/685.
UK long term public good
Description of entities that will be impacted	The Amendments to IFRS 7 could be relevant to a wide range of stakeholders. However, since the Amendments merely correct a minor oversight and clarify wording, they are not expected to change accounting practice or have a material effect on entities' financial statements.
Do the amendments improve financial reporting?	The Amendments: A) correct a minor oversight in the IFRS Accounting Standards; and B) clarify the wording in the IFRS Accounting Standards. As discussed above in the technical accounting criteria assessment, these Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Given this, it is expected that the Amendments will improve financial reporting.
Costs and benefits for preparers and users	Cost and benefits for preparers: Given that the Amendments are narrow in scope and not expected to introduce new principles or change existing principles, the UKEB estimated preparers' adoption costs by conducting a qualitative assessment of the costs likely to be borne by preparers. The UKEB believes that most preparers are not expected to face material costs implementing the Amendments as the Amendments merely correct a minor oversight and clarify the wording in the IFRS Accounting Standards. The Amendments are expected to provide greater clarity with clearer language and make it easier for preparers to navigate the requirements through the updated cross-references. This is unlikely to generate any significant additional costs. Costs and benefits for users: The Amendments are not expected to have a material effect on entities' financial statements therefore the users are not expected to face material costs to adapt their ways of using the information in the financial statements.
Whether the amendments are likely to have an adverse effect on UK economy	The Amendments are narrow in scope and expected to correct a minor oversight and clarify the wording in the IFRS Accounting Standards therefore leading to comparable and better information in the financial statements with little to no additional costs. The UKEB has not identified any factors that would indicate that these Amendments would lead to changes that are detrimental to the UK economy.
Conclusion	Having considered all relevant aspects, including the trade-off between the costs and benefits of implementing the Amendments jointly, the UKEB concludes that the use of the Amendments is likely to be conducive to the long term public good in the UK as required by Regulation 7(1)(b) of SI 2019/685.

C) Derecognition of lease liabilities (Amendments to IFRS 9)


Title and issue date of final amendments	IFRS Accounting Standards Annual Improvements Volume 11 issued on 18 July 2024¹⁵–Derecognition of lease liabilities
Origin	The IFRS Interpretation Committee received a request about a lessor's and a lessee's application of IFRS 9 Financial Instruments and IFRS 16 Leases when accounting for a rent concession in which the only change to the lease contract is the lessor's forgiveness of lease payments due from the lessee. The Interpretations Committee addressed a lessor's application of IFRS 9 and IFRS 16 in its Agenda Decision Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16) published in October 2022. With regard to lessee accounting, there appeared to be more than one way to read the current requirements for a rent concession.
What has changed?	The Amendment to IFRS 9 clarify the requirement by adding a cross-reference to paragraph 3.3.3 of IFRS 9 in paragraph 2.1(b)(ii) of IFRS 9.
Transition requirements	An entity shall apply the amendment for annual reporting periods beginning on or after 1 January 2026. If an entity applies the Amendments for an earlier period, it shall disclose that fact. Prospective application of the amendment is required. That is, an entity would apply the amendment to lease liability extinguishments that occur after the beginning of the annual reporting period in which the entity first applies the amendment.
Technical criteria assessment
Relevance, reliability, understandability and comparability	There may be more than one way to read the current requirements of lessee accounting for a rent concession. The lessee could either: recognise the gain or loss in profit or loss applying paragraph 3.3.3 of IFRS 9; or make a corresponding adjustment to the right-of-use asset recognised applying IFRS 16. The IASB has noted it intended a lessee to apply paragraphs 3.3.1 and 3.3.3 of IFRS 9 in sequence, and the lack of a cross-reference to paragraph 3.3.3 in paragraph 2.1(b)(ii) of IFRS 9 was an oversight. Paragraph 3.3.1 of IFRS 9 provides requirements for derecognition of a financial liability when it is extinguished, and paragraph 3.3.3 of IFRS 9 requires the entities to recognise the gain or loss from lease liability extinguishment in profit or loss. By adding the cross-reference to paragraph 3.3.3 of IFRS 9 to paragraph 2.1(b)(ii), the amendment is expected to ensure consistent application of the requirements, thus resulting in relevant and comparable information in the financial statements.
Conclusion	Overall, the UKEB concludes that the Amendments meet the criteria of relevance, reliability, understandability, and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by Regulation 7(1)(c) of SI 2019/685.
True and fair view assessment
Description	The Amendment clarify the requirements in the IFRS Accounting Standards. As discussed above, the Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Reliability includes the notion of faithful representation of the economic substance of transactions and events. The technical accounting criteria assessment underpins the overall true and fair view assessment.
Conclusion	The assessment has not identified any requirement of the Amendments, either alone or in conjunction with international accounting standards adopted for use in the UK, that would prevent individual or group accounts prepared using the Amendments from giving a true and fair view of the undertaking's or group's assets, liabilities, financial position and profit or loss. The UKEB is satisfied, therefore, that the circumstances in which the application of the Amendments would result in accounts which did not give a true and fair view would be extremely rare. Overall, the UKEB concludes that the Amendments are not contrary to the true and fair view principle set out in Regulation 7(1)(a) of SI 2019/685.
UK long term public good
Description of entities that will be impacted	The Amendments to IFRS 9 could be relevant to a wide range of stakeholders. However, the Amendments merely clarify the order in which the requirements apply therefore they are not expected to change accounting practice or have a material effect on entities' financial statements. The UKEB does not expect UK companies to be affected materially, as significant changes in accounting practice are not expected.
Do the amendments improve financial reporting?	The Amendments clarify the requirements in the IFRS Accounting Standards. As discussed above in the technical accounting criteria assessment, these Amendments are expected to meet the relevance, reliability, understandability, and comparability of financial information. Given this, it is expected that the Amendments will improve financial reporting.
Costs and benefits for preparers and users	Costs and benefits for preparers: Given that the Amendments are narrow in scope and not expected to introduce new principles or change existing principles, the UKEB estimated preparers' adoption costs by conducting a qualitative assessment of the costs likely to be borne by preparers. The UKEB believes that most preparers are not expected to face material costs implementing the Amendments as the Amendments merely clarify the requirement in the IFRS Accounting Standards. The Amendments are expected to make it easier for preparers to navigate the requirements through the updated cross-references. This is unlikely to generate any significant additional costs. Costs and benefits for users: The Amendments are not expected to have a material effect on entities' financial statements therefore the users are not expected to face material costs to adapt their ways of using the information in the financial statements. Deriving from the benefits for the preparers, the users are expected to receive comparable information in the financial statements due to more consistent underlying accounting practices. The Amendments may also help users better understand the requirements in the relevant IFRS Accounting Standards.
Whether the amendments are likely to have an adverse effect on UK economy	The Amendments are narrow in scope and expected to bring improved financial reporting when compared to current standards. More specifically, the Amendments are expected to clarify the requirements and enhance the cross-references in the IFRS Accounting Standards therefore leading to comparable and better information in the financial statements. The UKEB has not identified any factors that would indicate that these Amendments would lead to changes that are detrimental to the UK economy.
Conclusion	Having considered all relevant aspects, including the trade-off between the costs and benefits of implementing the Amendments jointly, the UKEB concludes that the use of the Amendments is likely to be conducive to the long term public good in the UK as required by Regulation 7(1)(b) of SI 2019/685.

D) Transaction price (Amendments to IFRS 9)


Title and issue date of final amendments	IFRS Accounting Standards Annual Improvements Volume 11 issued on 18 July 2024¹⁶–Transaction price
Origin	The IASB was informed of potential confusion arising from a reference in Appendix A of IFRS 9 Financial Instruments to the definition of 'transaction price' in IFRS 15 Revenue from Contracts with Customers. The term 'transaction price' is mentioned in four different paragraphs of IFRS 9. In paragraph 5.1.3 of IFRS 9, the term is followed by a note 'as defined in IFRS 15' while in other paragraphs of IFRS 9, the term is followed by a note 'ie the fair value of the consideration given or received'.
What has changed?	The Amendments to IFRS 9 clarify the requirements by: revising the wording in paragraph 5.1.3 of IFRS 9 to simply refer to IFRS 15; and deleting the reference to 'transaction price' and the associated references to IFRS 15 from Appendix A.
Transition requirements	An entity shall apply the amendments for annual reporting periods beginning on or after 1 January 2026. If an entity applies the Amendments for an earlier period, it shall disclose that fact.
Technical criteria assessment
Relevance, reliability, understandability and comparability	Paragraph 5.1.3 was added to IFRS 9 as a result of the issuance of IFRS 15. This resulted in the term 'transaction price' having two different meanings in IFRS 9: (i) “as defined in IFRS 15" (per paragraph 5.1.3 of IFRS 9) and (ii) "as the fair value of the consideration given or received” (elsewhere in IFRS 9). The deletion of the reference to the definition of 'transaction price' in paragraph 5.1.3 of IFRS 9 is expected to leave only one meaning of 'transaction price' within IFRS 9 and remove potential confusion. The amendments are expected to ensure consistent application of the requirements and result in comparable information in the financial statements.

5. Tipps für die perfekte Berggold-Fruchtgummi-Getränkezubereitung

5.1 Auswahl der Fruchtgummis

5.1.1Geschmacksprofil beachten: Wählen Sie Fruchtgummis, deren Geschmack gut zum gewünschten Getränk passt. Saure Fruchtgummis eignen sich hervorragend für spritzige Limonaden, während süße oder cremige Sorten gut zu Milchshakes und Smoothies passen.

5.1.2Farbgebung: Bedenken Sie, dass die Farbe der Fruchtgummis das Aussehen des Getränks beeinflusst. Für ein ansprechendes Ergebnis können Sie komplementäre oder kontrastierende Farben wählen.

5.2 Schmelzen der Fruchtgummis

5.2.1Niedrige Hitze: Schmelzen Sie die Fruchtgummis immer bei niedriger Hitze, um ein Anbrennen zu vermeiden. Rühren Sie dabei regelmäßig um.

5.2.2Konsistenz: Der Sirup sollte vollständig flüssig und frei von Klumpen sein. Ein feines Sieb hilft, eine glatte Konsistenz zu gewährleisten.

5.3 Kühlung und Lagerung

5.3.1Abkühlen lassen: Lassen Sie den Fruchtgummi-Sirup immer vollständig abkühlen, bevor Sie ihn zu kalten Getränken hinzufügen. Dies verhindert das Schmelzen von Eiswürfeln und sorgt für eine bessere Geschmacksintegration.

5.3.2Vorratszubereitung: Der Sirup kann in größeren Mengen zubereitet und im Kühlschrank in einem luftdichten Behälter aufbewahrt werden. Er hält sich dort etwa eine Woche.

5.4 Zusätzliche Anpassungen

5.4.1Süße: Passen Sie die Süße des Getränks an Ihre persönlichen Vorlieben an. Bei Bedarf können Sie zusätzlichen Zucker, Honig oder Ahornsirup hinzufügen.

5.4.2Säure: Für eine spritzigere Note können Sie einen Schuss Zitronen-, Limetten- oder Orangensaft hinzufügen.

5.4.3Dekoration: Eine attraktive Dekoration mit frischen Früchten, Minzblättern oder sogar ein paar ganzen Berggold Fruchtgummis macht das Getränk noch ansprechender.

6. Fazit

Mit diesen Rezepten und Tipps können Sie kreative und erfrischende Getränke mit Berggold Fruchtgummis zubereiten. Ob als spritzige Limonade, cooler Eistee, cremiger Smoothie oder süßer Milchshake – die Möglichkeiten sind vielfältig und laden zum Experimentieren ein. Genießen Sie Ihre einzigartigen Berggold-Kreationen!

Purpose of this Feedback Statement

This Feedback Statement presents the views of UK stakeholders received during the UK Endorsement Board (UKEB)'s public consultation on the Draft Endorsement Criteria Assessment (DECA) of Annual Improvements to IFRS Accounting Standards – Volume 11 which contains amendments to IFRS 1, 7, 9, 10 and IAS 7 (the Amendments). Where relevant it explains how the UKEB has addressed those views in the final Endorsement Criteria Assessment (ECA).

The UKEB is the UK's National Standard Setter for IFRS Accounting Standards; responsible for the endorsement and adoption of IFRS Accounting Standards, for use in the UK. The UKEB also leads the UK's engagement with the IFRS Foundation on the development of new international accounting standards, amendments and interpretations.

Disclaimer

This Feedback Statement has been produced to set out the UK Endorsement Board's response to stakeholder comments received on the UKEB's Draft Endorsement Criteria Assessment on Annual Improvements to IFRS Accounting Standards–Volume 11 and should not be relied upon for any other purpose.

The views expressed in this Feedback Statement are those of the UK Endorsement Board at the point of publication.

Any sentiment or opinion expressed within this Feedback Statement will not necessarily bind the conclusions, decisions, endorsement or adoption of any new or amended IFRS Accounting Standards by the UKEB.

Description of the Amendments

The Amendments were issued by the IASB in July 2024 and are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted. The Amendments are a collection of separate amendments to five IFRS Accounting Standards.

Title	IFRS	Amendments
Transaction price	IFRS 9	• delete the reference to ‘transaction price' and revise the wording around it in paragraph 5.1.3 • remove the reference to IFRS 15 in Appendix A
Lessee derecognition of lease liabilities	IFRS 9	• clarify a lessee's accounting for derecognition of a lease liability by adding a cross-reference to paragraph 3.3.3 of IFRS 9 in paragraph 2.1(b)(ii) of IFRS 9
Gain or loss on derecognition	IFRS 7	• replace the reference to paragraph 27A of IFRS 7, a paragraph that no longer exists, with a reference to paragraphs 72–73 of IFRS 13 • replace the phrase 'inputs that were not based on observable market data' with 'unobservable inputs'
Hedge accounting by a first-time adopter	IFRS 1	• replace the word 'conditions' with 'qualifying criteria' • add cross-references to paragraph 6.4.1 of IFRS 9 in paragraphs B5–B6 of IFRS 1
Determination of a 'de facto' agent	IFRS 10	• clarify the requirements in paragraph B74 of IFRS 10
Cost method	IAS 7	• replace the term 'cost method', a term that is no longer defined in IFRS Accounting Standards, with 'at cost' in paragraph 37 of IAS 7

Limited scope outreach

Initial research and previous influencing work indicated that the Amendments were unlikely to lead to pervasive or material concerns for the UK. Accordingly, the Board considered and approved a project plan that is proportionate to a limited scope project.
Outreach to develop the UKEB ECA consisted of a 91-day public consultation on the UKEB's DECA, which concluded that the Amendments meet the statutory endorsement criteria set out in Regulation 7 of Statutory Instrument 2019/685.
The UKEB promoted awareness of the DECA through the UKEB's advisory groups, the UKEB website, the UKEB subscriber news alerts, and the UKEB's LinkedIn account.
Five formal responses to the DECA were received; four from accounting firms and one from an accounting and audit representative organisation. All responses were supportive of the adoption of the Amendments as proposed in the DECA with no further comment.
Given the supportive stakeholder feedback, no substantive changes have been made from the DECA.

Glossary

Term	Description
Annual Improvements to IFRS Accounting Standards – Volume 11	Contains amendments to IFRS 1, 7, 9, 10 and IAS 7
IAS 7	IAS 7 Statement of Cash Flows
IFRS 1	IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 7	IFRS 7 Financial Instruments : Disclosures
IFRS 9	IFRS 9 Financial Instruments
IFRS 10	IFRS 10 Consolidated Financial Statements
IFRS 13	IFRS 13 Fair Value Measurement
IFRS 15	IFRS 15 Revenue from Contracts with Customers

Contact Us

UK Endorsement Board 6th Floor

| 10 South Colonnade | London | E14 4PU www.endorsement-board.uk

30 January 2025 Agenda Paper 4: Appendix C

Appendix C: [DRAFT] Due Process Compliance Statement: Annual Improvements to IFRS Accounting Standards – Volume II

Title of the Amendment	Issue dates
Annual Improvements to IFRS Accounting Standards – Volume 11	• Exposure Draft IASB/AI/ED/2023/1 issued: 12 September 2023 • Final amendments issued: 18 July 2024 • Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.

Project preparation

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Added to the UKEB technical work plan [Due Process Handbook (Handbook) [4.30]	Mandatory	Project is included in the UKEB published technical work plan.	Complete: The Amendments were included in the UKEB technical work plan published in September 2024.

| Step | Mandatory / optional¹ | Metrics or evidence | UKEB Secretariat comments | |:---------------------------------------------------------------------------------------------------------------------------------|:-----------------|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Dies ist eine **Zusammenstellung von Materialien, die zur Sitzung des UK Endorsement Board (UKEB) am

Januar 2025 mit dem Thema „Annual Improvements to IFRS Accounting Standards – Volume 11“ (nachfolgend „die Amendments“) vorgelegt wurden.** Sie umfasst folgende Elemente:

Feedback Statement
Due Process Compliance Statement
Adoption Statement

Diese Materialien bilden die Grundlage für die Diskussion und Entscheidungsfindung des Boards über die förmliche Annahme der Amendments für die Anwendung im Vereinigten Königreich.

1. Feedback Statement

Das Feedback Statement fasst die im Rahmen der öffentlichen Konsultation zum Entwurf der Endorsement Criteria Assessment (DECA) zu den Amendments erhaltenen Rückmeldungen zusammen und erläutert, wie das UKEB diese Rückmeldungen in seiner finalen Endorsement Criteria Assessment (ECA) berücksichtigt hat.

1.1 Zweck dieses Feedback Statements

Das Feedback Statement enthält die Ansichten der britischen Stakeholder, die während der öffentlichen Konsultation des UK Endorsement Board (UKEB) zum Entwurf der Endorsement Criteria Assessment (DECA) zu den Annual Improvements to IFRS Accounting Standards – Volume 11, die Änderungen an IFRS 1, 7, 9, 10 und IAS 7 (die Amendments) enthalten, eingegangen sind. Gegebenenfalls wird erläutert, wie das UKEB diese Ansichten in der finalen Endorsement Criteria Assessment (ECA) berücksichtigt hat.

Das UKEB ist die nationale Standardisierungsstelle für IFRS Accounting Standards im Vereinigten Königreich und verantwortlich für die Anerkennung und Übernahme von IFRS Accounting Standards für die Anwendung im Vereinigten Königreich. Das UKEB leitet auch die Zusammenarbeit des Vereinigten Königreichs mit der IFRS Foundation bei der Entwicklung neuer internationaler Rechnungslegungsstandards, Änderungen und Interpretationen.

1.2 Beschreibung der Amendments

Die Amendments wurden vom IASB im Juli 2024 herausgegeben und sind für jährliche Berichtsperioden, die am oder nach dem

Januar 2026 beginnen, wirksam, wobei eine frühere Anwendung zulässig ist. Die Amendments sind eine Sammlung separater Änderungen an fünf IFRS Accounting Standards.

Titel	IFRS	Amendments
Dies ist eine **Zusammenstellung von Materialien, die zur Sitzung des UK Endorsement Board (UKEB) am

Januar 2025 mit dem Thema „Annual Improvements to IFRS Accounting Standards – Volume 11“ (nachfolgend „die Amendments“) vorgelegt wurden.** Sie umfasst folgende Elemente:

Feedback Statement
Due Process Compliance Statement
Adoption Statement

Diese Materialien bilden die Grundlage für die Diskussion und Entscheidungsfindung des Boards über die förmliche Annahme der Amendments für die Anwendung im Vereinigten Königreich.

1. Feedback Statement

1.1 Zweck dieses Feedback Statements

1.2 Beschreibung der Amendments

Die Amendments wurden vom IASB im Juli 2024 herausgegeben und sind für jährliche Berichtsperioden, die am oder nach dem

Januar 2026 beginnen, wirksam, wobei eine frühere Anwendung zulässig ist. Die Amendments sind eine Sammlung separater Änderungen an fünf IFRS Accounting Standards.

Titel	IFRS	Amendments
Transaction price	IFRS 9	• delete the reference to ‘transaction price' and revise the wording around it in paragraph 5.1.3 • remove the reference to IFRS 15 in Appendix A
Lessee derecognition of lease liabilities	IFRS 9	• clarify a lessee's accounting for derecognition of a lease liability by adding a cross-reference to paragraph 3.3.3 of IFRS 9 in paragraph 2.1(b)(ii) of IFRS 9
Gain or loss on derecognition	IFRS 7	• replace the reference to paragraph 27A of IFRS 7, a paragraph that no longer exists, with a reference to paragraphs 72–73 of IFRS 13 • replace the phrase 'inputs that were not based on observable market data' with 'unobservable inputs'
Hedge accounting by a first-time adopter	IFRS 1	• replace the word 'conditions' with 'qualifying criteria' • add cross-references to paragraph 6.4.1 of IFRS 9 in paragraphs B5–B6 of IFRS 1
Determination of a 'de facto' agent	IFRS 10	• clarify the requirements in paragraph B74 of IFRS 10
Cost method	IAS 7	• replace the term 'cost method', a term that is no longer defined in IFRS Accounting Standards, with 'at cost' in paragraph 37 of IAS 7

1.3 Begrenzte Konsultation

Erste Untersuchungen und frühere Einflussnahmen deuteten darauf hin, dass die Amendments im Vereinigten Königreich wahrscheinlich nicht zu weitreichenden oder wesentlichen Bedenken führen würden. Dementsprechend prüfte und genehmigte der Board einen Projektplan, der einem Projekt mit begrenztem Umfang angemessen ist.
Die Konsultation zur Entwicklung der UKEB ECA bestand aus einer 91-tägigen öffentlichen Konsultation zum DECA des UKEB, die zu dem Schluss kam, dass die Amendments die in Regulation 7 der Statutory Instrument 2019/685 festgelegten gesetzlichen Anerkennungskriterien erfüllen.
Das UKEB förderte die Bekanntheit des DECA über die Beratergruppen des UKEB, die UKEB-Website, die UKEB-Abonnentennachrichten und den LinkedIn-Account des UKEB.
Fünf formelle Rückmeldungen zum DECA wurden erhalten; vier von Wirtschaftsprüfungsgesellschaften und eine von einer Vertretungsorganisation für Rechnungswesen und Wirtschaftsprüfung. Alle Rückmeldungen unterstützten die Annahme der Amendments, wie im DECA vorgeschlagen, ohne weitere Kommentare.
Aufgrund der unterstützenden Rückmeldungen der Stakeholder wurden keine wesentlichen Änderungen am DECA vorgenommen.

1.4 Glossar

Term	Description
Annual Improvements to IFRS Accounting Standards – Volume 11	Contains amendments to IFRS 1, 7, 9, 10 and IAS 7
IAS 7	IAS 7 Statement of Cash Flows
IFRS 1	IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 7	IFRS 7 Financial Instruments : Disclosures
IFRS 9	IFRS 9 Financial Instruments
IFRS 10	IFRS 10 Consolidated Financial Statements
IFRS 13	IFRS 13 Fair Value Measurement
IFRS 15	IFRS 15 Revenue from Contracts with Customers

Kontaktieren Sie uns

UK Endorsement Board 6th Floor

| 10 South Colonnade | London | E14 4PU www.endorsement-board.uk

30 January 2025 Agenda Paper 4: Appendix C

Anhang C: [ENTWURF] Due Process Compliance Statement: Annual Improvements to IFRS Accounting Standards – Volume II

Title of the Amendment	Issue dates
Annual Improvements to IFRS Accounting Standards – Volume 11	• Exposure Draft IASB/AI/ED/2023/1 issued: 12 September 2023 • Final amendments issued: 18 July 2024 • Effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.

Projekterstellung

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Added to the UKEB technical work plan [Due Process Handbook (Handbook) [4.30]	Mandatory	Project is included in the UKEB published technical work plan.	Complete: The Amendments were included in the UKEB technical work plan published in September 2024.
Project Initiation Plan (PIP) [Handbook 6.12 to 6.16, A1 to A2 and A12 to A14]	Mandatory	PIP, including outreach plan for stakeholders, communication approach, resource allocation and an assessment of whether to set up an ad-hoc advisory group, approved at a UKEB Board public meeting.	Complete: Based on the proportionality assessment outlined in the PIP, a 'limited scope' approach was recommended by the Secretariat, meaning some non-mandatory milestones were not undertaken or were limited, in accordance with paragraphs 3.7 and 6.11 of the UKEB's Due Process Handbook (i.e. no Board education session, and desk-based research was limited to the proportionality assessment) The PIP included purpose, background, key activities and timelines for the project. The resource allocated was one Project Manager, supported and overseen by one Project Director, with communications and economics team support. The Secretariat included mandatory milestones for the project and considered, as appropriate, other milestones and activities. Taking a proportionate approach, an ad-hoc advisory group was not considered necessary, as referred to in the PIP. The PIP was approved at the 17 October 2024 Board meeting and published on the UKEB project webpage.
Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
	Mandatory	Assessment of whether PIP required updating	Complete: assessed. The Secretariat monitored this throughout the project, the nature and scope of which remained as proposed in the original PIP.

Outreach

Step	Mandatory / optional¹	Metrics or evidence	UKEB Secretariat comments
Outreach activities [Handbook 6.18 to 6.22 and A4 to A8]	Mandatory	Evidence of consultation	Complete: The outreach activities focused on: • Highlighting the Draft Endorsement Criteria Assessment (DECA) to the UKEB Advisory Groups². • Publishing the DECA for public consultation on the UKEB project webpage.

Draft Endorsement Criteria Assessment (DECA)

| Step | Mandatory / optional¹ | Metrics or evidence | UKEB Secretariat comments | |:-------------------------------------------------------------|:-----------------|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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[Date]

Appendix D: Adoption Statement

Annual Improvements to IFRS Accounting Standards—Volume 11—Gain or Loss on Derecognition (Amendments to IFRS 7)

1The UK Endorsement Board is designated under regulation 2(1) of The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609¹ (“the Delegating Regulations”) for the purpose of enabling it to exercise functions of the Secretary of State under Chapter 3 of Part 2 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685² (“the Regulations").

2Annual Improvements to IFRS Accounting Standards — Volume 11 contains amendments to IFRS 1, 7, 9, 10 and IAS 7. These unrelated amendments have been assessed by the UK Endorsement Board as individual, separate amendments within a single overarching Endorsement Criteria Assessment.

3The UK Endorsement Board, in exercise of the powers conferred by regulation 6(1) of the Regulations, adopts the following amendment to international accounting standards published by the International Accounting Standards Board (IASB), for use within the United Kingdom:

Annual Improvements to IFRS Accounting Standards—Volume 11—Gain or Loss on Derecognition (Amendments to IFRS 7) (“the Standard”)³.

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

the Standard is not contrary to either of the following principles—
1. an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;
2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns

4.bmembers of the undertaking;

the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

5In accordance with regulation 8 of the Regulations, the UK Endorsement Board is of the view that adequate consultation with persons representative of those with an interest in the quality and availability of accounts, including users and preparers of accounts, has been undertaken before the adoption decision.

6The adopted Standard referred to in paragraph 3:

must be used for financial years beginning on or after 1 January 2026;
may be used for financial years beginning before 1 January 2026.

7The text of the Standard is set out in the annex to this statement.

Annual Improvements to IFRS Accounting Standards—Volume 11—Derecognition of Lease Liabilities (Amendments to IFRS 9)

Annual Improvements to IFRS Accounting Standards—Volume 11—Derecognition of Lease Liabilities (Amendments to IFRS 9) (“the Standard”)³.

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

the Standard is not contrary to either of the following principles—
1. an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;
2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings

4.bincluded in the accounts taken as a whole, so far as concerns members of the undertaking;

the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

6The adopted Standard referred to in paragraph 3:

must be used for financial years beginning on or after 1 January 2026;
may be used for financial years beginning before 1 January 2026.

7The text of the Standard is set out in the annex to this statement.

Annual Improvements to IFRS Accounting Standards—Volume 11—Transaction Price (Amendments to IFRS 9)

1The UK Endorsement Board is designated under regulation 2(1) of The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609¹ (“the Delegating Regulations") for the purpose of enabling it to exercise functions of the Secretary of State under Chapter 3 of Part 2 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685² (“the Regulations").

Annual Improvements to IFRS Accounting Standards—Volume 11—Transaction Price (Amendments to IFRS 9) (“the Standard”)³.

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

the Standard is not contrary to either of the following principles—
1. an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;
2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns

4.bmembers of the undertaking;

the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

6The adopted Standard referred to in paragraph 3:

must be used for financial years beginning on or after 1 January 2026;
may be used for financial years beginning before 1 January 2026.

7The text of the Standard is set out in the annex to this statement.

Annual Improvements to IFRS Accounting Standards—Volume 11—Determination of a 'De Facto Agent' (Amendments to IFRS 10)

Annual Improvements to IFRS Accounting Standards—Volume 11—Determination of a 'De Facto Agent’(Amendments to IFRS 10) (“the Standard”)³.

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

the Standard is not contrary to either of the following principles—
1. an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;
2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings

4.bincluded in the accounts taken as a whole, so far as concerns members of the undertaking;

the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

6The adopted Standard referred to in paragraph 3:

must be used for financial years beginning on or after 1 January 2026;
may be used for financial years beginning before 1 January 2026.

7The text of the Standard is set out in the annex to this statement.

Annual Improvements to IFRS Accounting Standards—Volume 11—Cost Method (Amendments to IAS 7)

1The UK Endorsement Board is designated under regulation 2(1) of The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609¹ (“the Delegating Regulations") for the purpose of enabling it to exercise functions of the Secretary of State under Chapter 3 of Part 2 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685² (“the Regulations").

Annual Improvements to IFRS Accounting Standards—Volume 11—Cost Method (Amendments to IAS 7) ("the Standard”)³.

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

the Standard is not contrary to either of the following principles—
1. an undertaking's accounts must give a true and fair view of the undertaking's assets, liabilities, financial position and profit or loss;
2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns

4.bmembers of the undertaking;

the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

6The adopted Standard referred to in paragraph 3:

must be used for financial years beginning on or after 1 January 2026;
may be used for financial years beginning before 1 January 2026.

7The text of the Standard is set out in the annex to this statement.

Appendix D

30 January 2025 Agenda Paper 4: Appendix D

Approval by the UKEB Board

Adoption of Annual Improvements to IFRS Accounting Standards—Volume 11—Cost Method (Amendments to IAS 7)

Annual Improvements to IFRS Accounting Standards—Volume 11—Cost Method (Amendments to IAS 7) published by the IASB in July 2024 was approved for adoption by 14 members of the UK Endorsement Board.

	Chair
Pauline Wallace	Chair
Amir Amel-Zadeh
Michael Ashley
Philip Aspin
Anthony Clifford
Owen Glaysher
Katherine Coates
Robin Cohen
Edward Knapp
Paul Lee
Giles Mullins
Liz Murrall
Sandra Thompson
Michael Wells

[Date]

Appendix E: UK-Adopted International Accounting Standards

30 January 2025 Agenda Paper 4: Appendix E

Annual Improvements to IFRS Accounting Standards—Volume 11

UK-adopted international accounting standards contain copyright material of the IFRS® Foundation (Foundation) in respect of which all rights are reserved.

Reproduced and distributed by the UK Endorsement Board (“UKEB”), pursuant to the delegation by the Secretary of State in the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609, with the permission of the Foundation within the United Kingdom only. No rights granted to third parties other than as permitted by the Terms of Use (see below) without the prior written permission of the UKEB, and the Foundation.

'UK-adopted international accounting standards' are issued by the UKEB in respect of their application in the United Kingdom and have not been prepared or endorsed by the International Accounting Standards Board.

Terms of Use for Users

1The IFRS Foundation and the UK Endorsement Board (“UKEB”) (pursuant to the delegation by the Secretary of State in the International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609), grant users of the UK-adopted international accounting standards' (Users) the permission to reproduce the 'UK-adopted international accounting standards' for

the User's Professional Use, or
private study and education

Professional Use: means use of ‘UK-adopted international accounting standards' in the User's professional capacity in connection with the business of providing accounting services for the purpose of application of IFRS as adopted by the UK for preparation of financial statements and/or financial statement analysis to the User's clients or to the business in which the User is engaged as an accountant.

For the avoidance of doubt, the abovementioned usage does not include any kind of activities that make (commercial) use of the ‘UK-adopted international accounting standards' other than direct or indirect application of the 'UK-adopted international accounting standards' such as but not limited to commercial seminars, conferences, commercial training or similar events.

2For any application that falls outside Professional Use, Users shall be obliged to contact the UKEB and the IFRS Foundation for a separate individual licence under terms and conditions to be mutually agreed.

3Except as otherwise expressly permitted in this notice, Users shall not, without prior written permission of the UKEB and the Foundation, have the right to license, sublicense, transmit, transfer, sell, rent, or otherwise distribute any portion of the 'UK-adopted international accounting standards' to third parties in any form or by any means, whether electronic, mechanical or otherwise either currently known or yet to be invented.

4Users are not permitted to modify or make alterations, additions or amendments to or create any derivative works from the ‘UK-adopted international accounting standards' save as otherwise expressly permitted in this notice.

For further details about licensing the IFRS Foundation's intellectual property please contact [email protected].

Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards

Paragraph 39AK is added. For ease of reading, this paragraph has not been underlined.

Effective date

39AKAnnual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024, amended paragraphs B5-B6. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

Appendix B

Exceptions to the retrospective application of other IFRSs

Paragraphs B5–B6 are amended. New text is underlined and deleted text is struck through.

Hedge accounting

B5An entity shall not reflect in its opening IFRS statement of financial position a hedging relationship of a type that does not qualify for hedge accounting in accordance with IFRS 9 (for example, many hedging relationships where the hedging instrument is a stand-alone written option or a net written option; or where the hedged item is a net position in a cash flow hedge for another risk than foreign currency risk) (see paragraph 6.4.1(a) of IFRS 9). However, if an entity designated a net position as a hedged item in accordance with previous GAAP, it may designate as a hedged item in accordance with IFRSs an individual item within that net position, or a net position if that meets the requirements in paragraph 6.6.1 of IFRS 9, provided that it does so no later than the date of transition to IFRSs.

B6If, before the date of transition to IFRSs, an entity had designated a transaction as a hedge but the hedge does not meet the qualifying criteria ~~conditions~~ for hedge accounting in paragraph 6.4.1(b)−(c) of IFRS 9, the entity shall apply paragraphs 6.5.6 and 6.5.7 of IFRS 9 to discontinue hedge accounting. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.

Amendments to IFRS 7 Financial Instruments: Disclosures

Paragraph 44NN is added. For ease of reading, this paragraph has not been underlined.

Effective date and transition

44NNAnnual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024, amended paragraph B38. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

Appendix B

Application guidance

Paragraph B38 is amended. New text is underlined and deleted text is struck through.

Derecognition (paragraphs 42C–42H)

Gain or loss on derecognition (paragraph 42G(a))

B38Paragraph 42G(a) requires an entity to disclose the gain or loss on derecognition relating to financial assets in which the entity has continuing involvement. The entity shall disclose if a gain or loss on derecognition arose because the fair values of the components of the previously recognised asset (ie the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole. In that situation, the entity shall also disclose whether the fair value measurements included significant unobservable inputs that were not based on observable market data, as described in paragraphs 72–73 of IFRS 13~~paragraph 27A~~.

Amendments to IFRS 9 Financial Instruments

Chapter 2 Scope

Paragraph 2.1(b)(ii) is amended. Paragraph 2.1(b)(i) is not amended but is included for ease of reference. New text is underlined and deleted text is struck through.

2.1This Standard shall be applied by all entities to all types of financial instruments except:

rights and obligations under leases to which IFRS 16 Leases applies. However:
1. finance lease receivables (ie net investments in finance leases) and operating lease receivables recognised by a lessor are subject to the derecognition and impairment requirements of this Standard;
2. lease liabilities recognised by a lessee are subject to the derecognition requirements in paragraphs ~~paragraph~~ 3.3.1 and 3.3.3 of this Standard; and

Chapter 5 Measurement

Paragraph 5.1.3 is amended. Paragraphs 5.1.1–5.1.2 are not amended but are included for ease of reference. New text is underlined and deleted text is struck through.

5.1 Initial measurement

5.1.1Except for trade receivables within the scope of paragraph 5.1.3, at initial recognition, an entity shall measure a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

5.1.1AHowever, if the fair value of the financial asset or financial liability at initial recognition differs from the transaction price, an entity shall apply paragraph B5.1.2A.

5.1.2When an entity uses settlement date accounting for an asset that is subsequently measured at amortised cost, the asset is recognised initially at its fair value on the trade date (see paragraphs B3.1.3–B3.1.6).

5.1.3Despite the requirement in paragraph 5.1.1, at initial recognition, an entity shall measure trade receivables at the amount determined by applying their transaction price (as defined in ~~IFRS 15)~~ if the trade receivables do not contain a significant financing component in accordance with IFRS 15 (or when the entity applies the practical expedient in accordance with paragraph 63 of IFRS 15).

Chapter 7 Effective date and transition

Paragraphs 7.1.14 and 7.2.50 and the subheading before paragraph 7.2.50 are added. For ease of reading, these paragraphs have not been underlined. The new subheading is underlined.

7.1 Effective date

7.1.14Annual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024, amended paragraph 2.1(b)(ii), paragraph 5.1.3 and Appendix A. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

7.2 Transition

Transition for Annual Improvements to IFRS Accounting Standards—Volume 11 7.2.50An entity shall apply the amendment to paragraph 2.1(b)(ii) made by Annual Improvements to IFRS Accounting Standards—Volume 11 to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.

Appendix A

Defined terms

The last paragraph of Appendix A is amended. New text is underlined and deleted text is struck through. Footnotes to the text are not reproduced.

The following terms are defined in paragraph 11 of IAS 32, Appendix A of IFRS 7, or Appendix A of IFRS 13 or Appendix A of IFRS 15~~and are used in this Standard with the meanings specified in IAS 32, IFRS 7, or IFRS 13~~or IFRS 15:

credit risk;
equity instrument;
fair value;
financial asset;
financial instrument; and
financial liability;
transaction price.

Amendments to IFRS 10 Consolidated Financial Statements

Paragraph B74 is amended. Paragraphs B73 and B75 are not amended but are included for ease of reference. New text is underlined and deleted text is struck through.

Assessing control

Relationship with other parties

B73When assessing control, an investor shall consider the nature of its relationship with other parties and whether those other parties are acting on the investor's behalf (ie they are 'de facto agents'). The determination of whether other parties are acting as de facto agents requires judgement, considering not only the nature of the relationship but also how those parties interact with each other and the investor.

B74Such a relationship need not involve a contractual arrangement. A party is a de facto agent when the investor has, or those that direct the activities of the investor have, the ability to direct that party to act on the investor's behalf. A party might also be a de facto agent when those that direct the activities of the investor have the ability to direct that party to act on the investor’s behalf. ~~The~~ In these circumstances, the investor shall consider its de facto agent's decision-making rights and its indirect exposure, or rights, to variable returns through the de facto agent together with its own when assessing control of an investee.

B75The following are examples of such other parties that, by the nature of their relationship, might act as de facto agents for the investor:

the investor's related parties.
a party that received its interest in the investee as a contribution or loan from the investor.
a party that has agreed not to sell, transfer or encumber its interests in the investee without the investor's prior approval (except for situations in which the investor and the other party have the right of prior approval and the rights are based on mutually agreed terms by willing independent parties).
a party that cannot finance its operations without subordinated financial support from the investor.
an investee for which the majority of the members of its governing body or for which its key management personnel are the same as those of the investor.
a party that has a close business relationship with the investor, such as the relationship between a professional service provider and one of its significant clients.

Appendix C

Effective date and transition

Paragraph C1E is added. For ease of reading, this paragraph has not been underlined.

Effective date

C1EAnnual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024, amended paragraph B74. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

Amendments to IAS 7 Statement of Cash Flows

Paragraph 37 is amended. New text is underlined and deleted text is struck through.

Investments in subsidiaries, associates and joint ventures

37When accounting for an investment in an associate, a joint venture or a subsidiary accounted for by use of the equity method or at cost~~method~~, an investor restricts its reporting in the statement of cash flows to the cash flows between itself and the investee, for example, to dividends and advances.

Paragraph 65 is added. For ease of reading, this paragraph has not been underlined.

Effective date and transition

65Annual Improvements to IFRS Accounting Standards—Volume 11, issued in July 2024, amended paragraph 37. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies that amendment for an earlier period, it shall disclose that fact.

Footnotes

Mandatory pronouncements are International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs), Interpretations and mandatory application guidance. Non-mandatory guidance includes the basis for conclusions, dissenting opinions, implementation guidance and illustrative examples, together with the IFRS practice statements. This categorisation is set out in the introduction to the IASB yearly bound volumes. ↩↩↩↩↩↩
See Regulation 7 of Statutory Instrument 2019/685 here. ↩
UKEB Final Comment Letter – Annual Improvements to IFRS Accounting Standards–Volume 11 ↩
IASB/AI/ED/2023/1 Exposure Draft: Annual Improvements to IFRS Accounting Standards–Volume 11 ↩
The IFRS Interpretations Committee had initial consideration on the proposed amendments in November 2022 and March 2023 before the proposed amendments were considered by the IASB in February 2023 and May 2023. These were summarised in the UKEB board papers for meetings in March 2023 and June 2023. ↩
In addition to the Amendments listed in paragraph 5, the IASB's published Amendments also include two amendments to the illustrative examples and implementation guidance to IFRS 7: Disclosure of deferred difference between fair value and transaction price and Introduction and credit risk disclosures. These are not included in the mandatory sections of UK-adopted international accounting standards and therefore do not form part of this endorsement and adoption. ↩
UK adopted international accounting standards only include mandatory pronouncements which are IFRS Standards, IAS Standards, Interpretations and mandatory application guidance. Non-mandatory guidance includes basis for conclusions, dissenting opinions, implementation guidance and illustrative examples, together with the IFRS practice statements. This categorisation is set out in the Introduction to the IASB yearly Bound Volumes. ↩
The term "standard" includes standards (International Accounting Standards (IAS), International Financial Reporting Standards (IFRS)), amendments to those standards and related Interpretations (Standing Interpretations Committee / International Financial Reporting Interpretations Committee (interpretations)) issued or adopted by the IASB. This DECA relates to amendments to those standards. ↩
As part of the assessment, the UKEB considered whether preparers would face costs related to familiarisation, design of data collection processes, IT system changes, governance processes, external audit and other costs. ↩
These descriptions are based on the qualitative characteristics of financial statements in the Framework for the Preparation and Presentation of Financial Statements adopted by the IASB in April 2001. These qualitative characteristics became part of the criteria for endorsement and adoption of IFRS in the EU's IAS Regulation (1606/2002), and, subsequently, in SI 2019/685. ↩↩
In the Framework for the Preparation and Presentation of Financial Statements adopted by the IASB, the users of financial reports include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public. While the UK has not adopted this Framework, in this document 'users' is taken to have a similar meaning. ↩↩
Paragraph 15 of IAS 1 Presentation of Financial Statements. ↩↩
IFRS Accounting Standards Annual Improvements Volume 11 ↩
IFRS Accounting Standards Annual Improvements Volume 11 ↩
IFRS Accounting Standards Annual Improvements Volume 11 ↩
IFRS Accounting Standards Annual Improvements Volume 11 ↩

4 Annual Improvements to IFRS Accounting Standards – Volume 11

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