UKEB adopts Annual Improvements to IFRS Accounting Standards – Volume 11

The UKEB has today adopted Annual Improvements to IFRS Accounting Standards – Volume 11, issued by the IASB in July 2024.The amendments clarify the requirements for:

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

The Amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted.

The text of the UK-adopted international accounting standards for the Amendments.

For more information on the UKEB’s approach to the Annual Improvements to IFRS Accounting Standards – Volume 11 (Amendments to IFRS 1, 7, 9, 10 and IAS 7) project.

We would like to thank all stakeholders who contributed to this project.