EU adopts amendments to IFRS 1, 7, 9, 10 and IAS 7

The European Union published Regulation (EU) No. 2025/1331 of 9 July 2025 amending Regulation (EU) 2023/1803 in the Official Journal of 10 July 2025. This Regulation introduces amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows.

The amendments, which were published by the International Accounting Standards Board (IASB) on 18 July 2024, contain the following changes:

• 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 fair value and transaction price
  • Credit risk disclosures
• IFRS 9 Financial instruments:
  • Derecognition of Lease Liabilities
  • Transaction Price
• IFRS 10 Consolidated Financial Statements - Determining a De Facto Agent
• IAS 7 Statement of Cash Flows - Cost Method.

We reported on this in Express Accounting News 33/2024.

The amendments are to be applied to financial years beginning on or after 1 January 2026. According to the IASB and the EU, early application of the amendments is permitted.Wir berichteten dazu in den Express Accounting News 33/2024.