Accounting and Financial Reporting milestones in the quarter ended on June 30, 2025.
Tariffs, counter-tariffs and constantly evolving trade policies continue to create uncertainty and challenges for businesses across a broad range of industries. Rapidly changing policies have posed challenges in preparing estimates, assumptions and projected financial information, increasing complexity in accounting and financial reporting.
Refer to our Import tariffs – what's the impact on your financial reporting? webpage for key considerations and resources on the accounting and financial reporting impact of tariffs, and our Financial reporting in uncertain times resource centre which features a range of articles, blogs and podcasts to explore the financial reporting impacts of operating in an uncertain environment.
On sustainability reporting, the European Commission's (EC) proposals, aimed to lessen the demands of sustainability reporting, continued to make strides while the International Sustainability Standards Board (ISSB) closed its comment period on proposed practical amendments to ease implementation. In Canada, the Canadian Securities Administrators (CSA) stated that they are pausing development of a new mandatory climate disclosure rule. In the US, President Trump issued an executive order opposing state-level climate initiatives, even as California's climate laws took another step forward.
Companies with a calendar year end will be required to apply the IFRS® Accounting Standards requirements effective from January 1, 2025 as outlined in section Requirements effective in 2025. Refer to our illustrative disclosures and disclosure checklist for our guides to condensed interim financial statements that reflect Accounting Standards effective from January 1, 2025.
Although not effective in 2025, companies should be aware of the new amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments and IFRS 9 – Power Purchase Agreements, which are effective January 1, 2026. Companies should also be aware of the new Accounting Standards, IFRS 18 General Presentation and Disclosure and IFRS 19 Subsidiaries without Public Accountability: Disclosures, which are effective January 1, 2027. However, these amendments and new Accounting Standards may require some lead time to prepare for implementation. The latest information on the new amendments and standards are provided in the sections, Major projects and new Accounting Standards and Other developments.
