Standards and interpretations applicable at 31 December 2025
17 December 2025
As 2025 year-end closing approaches, we present our traditional overview of the texts published by the IASB, taking account of their endorsement process at European level
Now that accounts are being finalised for 31 December 2025, we present an overview of the IASB’s most recent publications.
For each text, we clarify whether it is mandatory for this closing of accounts, or whether early application is permitted, based on the EU endorsement status report (position as at 30 September 2025, available on EFRAG’s website here).
As a reminder, the following principles govern the first application of the IASB’s standards and interpretations:
- the IASB’s draft standards cannot be applied as they do not form part of the published standards;
- the IFRS IC’s draft interpretations may be applied if the two following conditions are met:
- the draft does not conflict with currently applicable IFRSs;
- the draft does not modify an existing interpretation which is currently mandatory;
- standards published by the IASB but not yet adopted by the European Union at 31 December may be applied if the European adoption process is completed before the date when the financial statements are authorised for issue by the relevant authority (i.e. usually the board of directors);
- interpretations published by the IASB but not yet adopted by the European Union at the date when the financial statements are authorised for issue may be applied unless they conflict with standards or interpretations currently applicable in Europe. Remember that in accordance with IAS 8 the notes of an entity applying IFRSs must include the list of standards and interpretations published by the IASB but not yet effective that have not been early applied by the entity.
In addition to this list, the entity must provide an estimate of the impact of the application of those standards and interpretations.
As relates to minor amendments and interpretations, it seems relevant to limit such list to only those amendments and/or interpretations which are likely to apply to the entity’s activities.
| Standard | Topic | Effective date per IASB | Date of OJ EU publication | As of 31 December 2025, application... |
| IFRS 14 | Regulatory Deferral Accounts (issued on 30 January 2014) | 1 January 2016 Early application permitted | Endorsement suspended (the European Commission has not started the endorsement procedure) | Not permitted |
| IAS 10 / IAS 28 amendments | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (published 11 September 2014) Effective application date (published 17December 2015) | Postponed Early application permitted | Deferred | Possible1 |
| IAS 21 amendments | Lack of exchangeability (published 15 August 2023) | 1 January 2025 Early application permitted | 13 November 2024 | Mandatory |
| IFRS 9 and IFRS 7 amendments | Changes to the classification and measurement of financial instruments (published on 30 May 2024) | 1 January 2026 Early application permitted (in full or solely for provisions relating to the classification of financial assets) | 28 May 2025 | Possible |
| Amendments to IFRS 9 and IFRS 7 | Nature-dependent electricity contracts (published 18 December 2024) | 1 January 2026 Early application permitted | 1 July 2025 | Possible |
| Annual improvements Volume 11 | Annual standard improvement process (IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) (Published 18 July 2024) | 1 January 2026 Early application permitted | 10 July 2025 | Possible |
| IFRS 18 | Presentation and disclosure in financial statements (published 9 April 2024) | 1 January 2027 Early application permitted | Awaiting endorsement by the EU (expected Q1 2026) | Not permitted |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures (published 9 May 2024) | 1 January 2027 Early application possible subject to adoption in local jurisdiction | Awaiting endorsement by the EU (date not yet announced) | Not permitted |
Amendments IFRS 19 | Subsidiaries without Public Accountability: Disclosures (published 21 August 2025) | 1 January 2027 Early application possible subject to adoption in local jurisdiction | Awaiting endorsement by the EU (date not yet announced) | Not permitted |
1 If the entity had not developed a different accounting policy in this area
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