IASB issues Annual Improvements to IFRS - Volume 11

On 18 July 2024, the International Accounting Standards Board (IASB) issued the Annual Improvements to IFRS Accounting Standards-Volume 11. It contains amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.

The IASB's annual improvements are limited to amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the standards. We reported on the draft Annual Improvements to IFRS - Volume 11 in Express Accounting News 28/2023.

The amendments contained in the Annual Improvements relate to:

• IFRS 1 First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter
• IFRS 7 Financial Instruments: Disclosures:
  • Gain or loss on derecognition
  • Disclosure of differences between the fair value and the transaction price
  • Disclosures on credit risk
• IFRS 9 Financial Instruments:
  • Derecognition of lease liabilities
  • Transaction price
•  IFRS 10 Consolidated Financial Statements - Determination of a ‘de facto agent’
• IAS 7 Statement of Cash Flows - Cost Method.

These amendments are mandatory for financial years beginning on or after 1 January 2026; earlier application is permitted.

You can find the IASB's press release here.