It has been a quite quarter from the perspective of accounting standards change. However, the financial reporting landscape continues to evolve amid constantly changing trade policies and ongoing regulatory developments, including discussions on potential changes to interim financial reporting requirements. These macro economic changes continue to pose challenges to companies in preparing estimates, developing assumptions and preparing financial plans, and thus increasing the complexity in accounting and financial reporting.
In the sustainability reporting space, proposals to simplify the European Sustainability Reporting Standards (ESRS) were issued, California's climate laws took another step forward, and the International Sustainability Standards Board (ISSB) issued educational material aimed at implementation.
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, blog posts and podcasts to explore the financial reporting impacts of operating in an uncertain environment. Also refer to our Connected reporting resource centre for insights and guidance on enhancing connectivity between the financial statements, MD&A, and sustainability-related financial disclosures.
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 sections, Major projects and new Accounting Standards and Other developments.
