As we approach the half-yearly closing of accounts for 2025, Beyond the GAAP presents our traditional overview of the standards and interpretations published by the IASB, indicating where they are in the EU endorsement process. We highlight those texts that are now mandatory and those for which early application is permitted at this closing date.
This closing is likely to be a tense time, not because of the new mandatory texts (the amendments to IAS 21 on lack of exchangeability are limited in scope), but because of the unstable global macroeconomic environment and the resulting uncertainties. The United States’ new tariff policy, which has involved a rapid succession of decisions and U-turns, combines with ongoing risks such as the war in Ukraine, geopolitical tensions, supply chain disruptions, inflation and high interest rates, to cause an unusually high level of uncertainty.
IFRS Highlights
- Post-implementation Review of IFRS 16 – RFI to be published imminently
- IASB sets objectives and direction for intangible assets project
- IASB redeliberates proposed amendments to IAS 21
- 12th compilation of IFRS IC agenda decisions published
- IFRS Foundation announces annual conference
- Educational material on going concern requirements and disclosures
- ISSB Guidance on Greenhouse Gas disclosures under IFRS S2
European Highlights
- EC adopts amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments
- New composition for EFRAG SRB
