Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 18

	27A	An entity shall disclose material accounting policy information (see paragraph 5). Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
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	27B	Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.
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	27C	Accounting policy information is expected to be material if users of an entity’s financial statements would need it to understand other material information in the financial statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and: (a) the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements; (b) the entity chose the accounting policy from one or more options permitted by IFRSs—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value; (c) the accounting policy was developed in accordance with this Standard in the absence of an IFRS that specifically applies; (d) the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 27G and 31A; or (e) the accounting required for them is complex and users of the entity’s financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one IFRS to a class of material transactions.
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	27D	Accounting policy information that focuses on how an entity has applied the requirements in the IFRSs to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the IFRSs.
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	27E	If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.
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	27F	An entity’s conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other IFRSs.
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	27G	An entity shall disclose, along with its material accounting policy information or other notes, the judgements, apart from those involving estimations (see paragraph 31A), that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
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	27H	In the process of applying the entity’s accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For example, management makes judgements in determining: (a) when substantially all the significant risks and rewards of ownership of financial assets and, for lessors, assets subject to leases are transferred to other entities; (b) whether, in substance, particular sales of goods are financing arrangements and therefore do not give rise to revenue; and (c) whether the contractual terms of a financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
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	27I	Some of the disclosures made in accordance with paragraph 27G are required by other IFRSs. For example, IFRS 12 Disclosure of Interests in Other Entities requires an entity to disclose the judgements it has made in determining whether it controls another entity. IAS 40 Investment Property requires disclosure of the criteria developed by the entity to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business, when classification of the property is difficult.

Disclosure of changes in accounting policies

	28	When initial application of an IFRS has an effect on the current period or any prior period, would have such an effect except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods, an entity shall disclose: ...

Disclosure of sources of estimation uncertainty

	31A	An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of: (a) their nature; and (b) their carrying amount as at the end of the reporting period.
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	31B	Determining the carrying amounts of some assets and liabilities requires estimation of the effects of uncertain future events on those assets and liabilities at the end of the reporting period. For example, in the absence of recently observed market prices, future-oriented estimates are necessary to measure the recoverable amount of classes of property, plant and equipment, the effect of technological obsolescence on inventories, provisions subject to the future outcome of litigation in progress, and long-term employee benefit liabilities such as pension obligations. These estimates involve assumptions about such items as the risk adjustment to cash flows or discount rates, future changes in salaries and future changes in prices affecting other costs.
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	31C	The assumptions and other sources of estimation uncertainty disclosed in accordance with paragraph 31A relate to the estimates that require management’s most difficult, subjective or complex judgements. As the number of variables and assumptions affecting the possible future resolution of the uncertainties increases, those judgements become more subjective and complex, and the potential for a consequential material adjustment to the carrying amounts of assets and liabilities normally increases accordingly.
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	31D	The disclosures in paragraph 31A are not required for assets and liabilities with a significant risk that their carrying amounts might change materially within the next financial year if, at the end of the reporting period, they are measured at fair value based on a quoted price in an active market for an identical asset or liability. Such fair values might change materially within the next financial year but these changes would not arise from assumptions or other sources of estimation uncertainty at the end of the reporting period.
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	31E	An entity provides the disclosures in paragraph 31A in a manner that helps users of financial statements to understand the judgements that management makes about the future and about other sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures an entity makes are: (a) the nature of the assumption or other estimation uncertainty; (b) the sensitivity of carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for the sensitivity; (c) the expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year in respect of the carrying amounts of the assets and liabilities affected; and (d) an explanation of changes made to past assumptions concerning those assets and liabilities, if the uncertainty remains unresolved.
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	31F	This Standard does not require an entity to disclose budget information or forecasts in making the disclosures in paragraph 31A.
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	31G	Sometimes it is impracticable to disclose the extent of the possible effects of an assumption or another source of estimation uncertainty at the end of the reporting period. In such cases, the entity discloses that it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount of the asset or liability affected. In all cases, the entity discloses the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by the assumption.
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	31H	The disclosures in paragraph 27G of particular judgements that management made in the process of applying the entity’s accounting policies do not relate to the disclosures of sources of estimation uncertainty in paragraph 31A.
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	31I	Other IFRSs require the disclosure of some of the assumptions that would otherwise be required in accordance with paragraph 31A. For example, IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. IFRS 13 Fair Value Measurement requires disclosure of significant assumptions (including the valuation technique(s) and inputs) the entity uses when measuring the fair values of assets and liabilities that are carried at fair value.

ACCOUNTING ESTIMATES

	32	An accounting policy may require items in financial statements to be measured in a way that involves measurement uncertainty—that is, the accounting policy may require such items to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, an entity develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available, reliable information. Examples of accounting estimates include: ... (c) the fair value of an asset or liability, applying IFRS 13; ... (e) a provision for warranty obligations, applying IAS 37. ...

EFFECTIVE DATE AND TRANSITION

...

	54J	IFRS 18 issued in April 2024 amended paragraphs 1, 3, 5, 11 and 32, added paragraphs 3A, 6A–6N, 27A–27I and 31A–31I and related headings and subheadings, added a subheading above paragraph 28 and deleted paragraph 2. An entity shall apply those amendments when it applies IFRS 18.

The footnote to the definition of IFRS Accounting Standards in paragraph 5 is deleted.

A footnote is added to the end of paragraph 54H.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 10   Events after the Reporting Period

Paragraphs 13 and 16 are amended and paragraph 23D is added.

RECOGNITION AND MEASUREMENT

...

Dividends

...

	13	If dividends are declared after the reporting period but before the financial statements are authorised for issue, the dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time. Such dividends are disclosed in the notes in accordance with IFRS 18 Presentation and Disclosure in Financial Statements.

GOING CONCERN

...

	16	IAS 8 Basis of Preparation of Financial Statements specifies required disclosures if: (a) the financial statements are not prepared on a going concern basis; or (b) management is aware of material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern. The events or conditions requiring disclosure may arise after the reporting period. ...

EFFECTIVE DATE

...

	23D	IFRS 18 issued in April 2024 amended paragraphs 13 and 16. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to ‘definition of material in paragraph 7 of IAS 1’ in paragraph 23C.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 12   Income Taxes

Paragraphs 62A, 77 (and its related subheading) and 78 (and its related subheading) and paragraph 81 are amended. Paragraph 98N is added.

RECOGNITION OF CURRENT AND DEFERRED TAX

...

Items recognised outside profit or loss

...

	62A	International Financial Reporting Standards require or permit particular items to be credited or charged directly to equity. Examples of such items are: (a) an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of an error (see IAS 8 Basis of Preparation of Financial Statements); and (b) amounts arising on initial recognition of the equity component of a compound financial instrument (see paragraph 23). ...

PRESENTATION

...

Tax expense

Tax expense (income) related to items recognised in profit or loss

	77	The tax expense (income) related to items recognised in profit or loss from continuing operations shall be presented in the income tax category in the statement of profit or loss. ...

Exchange differences on foreign currency denominated assets and liabilities arising from income taxes

	78	If exchange differences on foreign currency denominated assets and liabilities arising from income taxes are recognised in profit or loss in accordance with IAS 21, such differences shall be classified applying the requirements in paragraph 67 of IFRS 18 Presentation and Disclosure in Financial Statements.

DISCLOSURE

...

	81	The following shall also be disclosed separately: ... (ab) the amount of income tax relating to each component of other comprehensive income (see paragraph 62 and paragraph 93 of IFRS 18); ... (h) in respect of discontinued operations, the tax expense relating to: (i) the gain or loss on discontinuance; and (ii) the profit or loss of the discontinued operation for the period, together with the corresponding amounts for each prior period presented; ...

EFFECTIVE DATE

...

	98N	IFRS 18 issued in April 2024 amended paragraphs 62A, 77 (and its related subheading) and 78 (and its related subheading) and paragraph 81. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 92.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to the end of paragraph 98B.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 98H.

• • When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IAS 16   Property, Plant and Equipment

Paragraph 51 is amended. Paragraph 81O is added.

MEASUREMENT AFTER RECOGNITION

...

Depreciation

...

Depreciable amount and depreciation period

...

	51	The residual value and the useful life of an asset shall be reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with IAS 8 Basis of Preparation of Financial Statements. ...

EFFECTIVE DATE

...

	81O	IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraph 51. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 81B.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ’ in paragraph 81G.

• • When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IAS 19   Employee Benefits

Paragraphs 25, 134, 158 and 171 are amended. Paragraph 180 is added.

SHORT-TERM EMPLOYEE BENEFITS

...

Disclosure

	25	Although this Standard does not require specific disclosures about short-term employee benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IFRS 18 Presentation and Disclosure in Financial Statements requires disclosure of employee benefits expense. ...

POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS

Presentation

...

...

Components of defined benefit cost

	134	Paragraph 120 requires an entity to recognise service cost and net interest on the net defined benefit liability (asset) in profit or loss. This Standard does not specify how an entity should present service cost and net interest on the net defined benefit liability (asset). An entity presents those components in accordance with IFRS 18. ...

OTHER LONG-TERM EMPLOYEE BENEFITS

...

Disclosure

	158	Although this Standard does not require specific disclosures about other long-term employee benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IFRS 18 requires disclosure of employee benefits expense.

TERMINATION BENEFITS

...

Disclosure

	171	Although this Standard does not require specific disclosures about termination benefits, other IFRSs may require disclosures. For example, IAS 24 requires disclosures about employee benefits for key management personnel. IFRS 18 requires disclosure of employee benefits expense.

TRANSITION AND EFFECTIVE DATE

...

	180	IFRS 18 issued in April 2024 amended paragraphs 25, 134, 158 and 171. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors,’ in paragraph 173.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 175.

• • When it issued IFRS 18, the IASB changed the title of IAS 8.

IAS 20   Accounting for Government Grants and Disclosure of Government Assistance

Paragraphs 16, 29 and 32 are amended and paragraph 49 is added

GOVERNMENT GRANTS

...

	16	It is fundamental to the income approach that government grants should be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grant is intended to compensate. Recognition of government grants in profit or loss on a receipts basis is not in accordance with the accrual accounting assumption (see IAS 8 Basis of Preparation of Financial Statements) and would be acceptable only if no basis existed for allocating a grant to periods other than the one in which it was received. ...

Presentation of grants related to income

	29	Grants related to income are classified and presented in the statement of profit or loss in accordance with the requirements in IFRS 18 Presentation and Disclosure in Financial Statements. They are included in profit or loss, either as income or as a deduction in reporting the related expense. ...

Repayment of government grants

	32	A government grant that becomes repayable shall be accounted for as a change in accounting estimate (see IAS 8). Repayment of a grant related to income shall be applied first against any unamortised deferred credit recognised in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or when no deferred credit exists, the repayment shall be recognised immediately in profit or loss. Repayment of a grant related to an asset shall be recognised by increasing the carrying amount of the asset or reducing the deferred income balance by the amount repayable. The cumulative additional depreciation that would have been recognised in profit or loss to date in the absence of the grant shall be recognised immediately in profit or loss. ...

EFFECTIVE DATE

...

	49	IFRS 18 issued in April 2024 amended paragraphs 16, 29 and 32. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 42.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to the end of paragraph 46.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

IAS 21   The Effects of Changes in Foreign Exchange Rates

Paragraph 48 is amended and paragraph 60N is added.

USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY

...

Disposal or partial disposal of a foreign operation

	48	On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity, shall be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognised (see IFRS 18 Presentation and Disclosure in Financial Statements). ...

EFFECTIVE DATE AND TRANSITION

...

	60N	IFRS 18 issued in April 2024 amended paragraph 48. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 60.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

A footnote is added to the end of paragraph 60A.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to the end of paragraph 60H.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

IAS 24   Related Party Disclosures

Paragraph 20 is amended and paragraph 28D is added.

DISCLOSURES

All entities

...

	20	The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 19 is an extension of the disclosure requirement in IFRS 18 Presentation and Disclosure in Financial Statements for information to be either presented in the statement of financial position or disclosed in the notes. The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions. ...

EFFECTIVE DATE AND TRANSITION

...

	28D	IFRS 18 issued in April 2024 amended paragraph 20. An entity shall apply those amendments when it applies IFRS 18.

IAS 26   Accounting and Reporting by Retirement Benefit Plans

A footnote is added to the end of paragraph 38.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the requirements to disclose material accounting policy information in IAS 1 Presentation of Financial Statements to IAS 8 Basis of Preparation of Financial Statements.

IAS 27   Separate Financial Statements

A footnote is added to ‘(as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors),’ in paragraph 18G.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 18J.

• • When it issued IFRS 18, the IASB changed the title of IAS 8.

IAS 28   Investments in Associates and Joint Ventures

Paragraph 10 is amended and paragraph 45L is added.

EQUITY METHOD

	10	Under the equity method, on initial recognition the investment in an associate or a joint venture is recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. The investor’s share of the investee’s profit or loss is recognised in the investor’s profit or loss. Distributions received from an investee reduce the carrying amount of the investment. Adjustments to the carrying amount may also be necessary for changes in the investor’s proportionate interest in the investee arising from changes in the investee’s other comprehensive income. Such changes include those arising from the revaluation of property, plant and equipment and from foreign exchange translation differences. The investor’s share of those changes is recognised in the investor’s other comprehensive income (see IFRS 18 Presentation and Disclosure in Financial Statements). ...

EFFECTIVE DATE AND TRANSITION

...

	45L	IFRS 18 issued in April 2024 amended paragraph 10. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 45B.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IAS 29   Financial Reporting in Hyperinflationary Economies

Paragraphs 8 and 25 are amended and paragraph 42 is added.

THE RESTATEMENT OF FINANCIAL STATEMENTS

...

	8	The financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, shall be stated in terms of the measuring unit current at the end of the reporting period. The corresponding figures for the previous period required by IFRS 18 Presentation and Disclosure in Financial Statements and any information in respect of earlier periods shall also be stated in terms of the measuring unit current at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 42(b) and 43 of IAS 21 The Effects of Changes in Foreign Exchange Rates apply. ...

Historical cost financial statements

Statement of financial position

...

	25	At the end of the first period and in subsequent periods, all components of owners’ equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. The movements for the period in owners’ equity are disclosed in accordance with IFRS 18. ...

EFFECTIVE DATE

...

	42	IFRS 18 issued in April 2024 amended paragraphs 8 and 25. An entity shall apply those amendments when it applies IFRS 18.

IAS 32   Financial Instruments: Presentation

Paragraphs 34, 39–41 and AG29 are amended and paragraph 97U is added.

PRESENTATION

...

Treasury shares (see also paragraph AG36)

...

	34	The amount of treasury shares held is either presented separately in the statement of financial position or the statement of changes in equity or disclosed in the notes, in accordance with IFRS 18 Presentation and Disclosure in Financial Statements. An entity provides disclosure in accordance with IAS 24 Related Party Disclosures if the entity reacquires its own equity instruments from related parties.

Interest, dividends, losses and gains (see also paragraph AG37)

...

	39	The amount of transaction costs accounted for as a deduction from equity in the period is presented in the statement of changes in equity or disclosed in the notes in accordance with IFRS 18.
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	40	Dividends classified as an expense may be presented in the statement(s) of profit or loss and other comprehensive income or disclosed in the notes either with interest on other liabilities or as a separate item. In addition to the requirements of this Standard, presentation and disclosure of interest and dividends is subject to the requirements of IFRS 18 and IFRS 7. In some circumstances, because of the differences between interest and dividends with respect to matters such as tax deductibility, an entity may determine that it will present interest expenses separately from dividend expenses in the statement(s) of profit or loss and other comprehensive income. Disclosures of the tax effects are made in accordance with IAS 12.
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	41	Gains and losses related to changes in the carrying amount of a financial liability are recognised as income or expense in profit or loss even when they relate to an instrument that includes a right to the residual interest in the assets of the entity in exchange for cash or another financial asset (see paragraph 18(b)). Under IFRS 18 the entity presents any gain or loss arising from remeasurement of such an instrument separately in the statement of comprehensive income if such presentation is necessary to provide a useful structured summary of the entity’s income and expenses. ...

EFFECTIVE DATE AND TRANSITION

...

	97U	IFRS 18 issued in April 2024 amended paragraphs 34, 39–41 and AG29. An entity shall apply those amendments when it applies IFRS 18. ...

Appendix

Application Guidance

IAS 32   Financial Instruments: Presentation

...

PRESENTATION

Liabilities and equity (paragraphs 15–27)

...

Treatment in consolidated financial statements

	AG29	In consolidated financial statements, an entity presents non-controlling interests—ie the interests of other parties in the equity and income of its subsidiaries—in accordance with IFRS 18 and IFRS 10. When classifying a financial instrument (or a component of it) in consolidated financial statements, an entity considers all terms and conditions agreed between members of the group and the holders of the instrument in determining whether the group as a whole has an obligation to deliver cash or another financial asset in respect of the instrument or to settle it in a manner that results in liability classification. When a subsidiary in a group issues a financial instrument and a parent or other group entity agrees additional terms directly with the holders of the instrument (eg a guarantee), the group may not have discretion over distributions or redemption. Although the subsidiary may appropriately classify the instrument without regard to these additional terms in its individual financial statements, the effect of other agreements between members of the group and the holders of the instrument is considered in order to ensure that consolidated financial statements reflect the contracts and transactions entered into by the group as a whole. To the extent that there is such an obligation or settlement provision, the instrument (or the component of it that is subject to the obligation) is classified as a financial liability in consolidated financial statements.

A footnote is added to the end of paragraph 96A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 7 Financial Instruments: Disclosures.

A footnote is added to the end of paragraph 96C.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 7.

A footnote is added to the end of paragraphs 97A and 97K.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ’ in paragraph 97N.

• • When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

In paragraph 98 the footnote to the end of the sentence is amended.

• • In August 2005 the IASB relocated all disclosures relating to financial instruments to IFRS 7.

IAS 33   Earnings per Share

Paragraphs 4A, 13 and 67A–68A are amended, paragraphs 73–73A are deleted and paragraphs 73B–73C and 74F are added.

SCOPE

...

	4A	If an entity presents items of profit or loss in a statement of profit or loss separate from a statement presenting comprehensive income as described in paragraph 12(b) of IFRS 18 Presentation and Disclosure in Financial Statements, it presents earnings per share only in the statement of profit or loss. ...

MEASUREMENT

Basic earnings per share

...

Earnings

...

	13	All items of income and expense attributable to ordinary equity holders of the parent entity that are recognised in a period, including tax expense and dividends on preference shares classified as liabilities are included in the determination of profit or loss for the period attributable to ordinary equity holders of the parent entity (see IFRS 18). ...

PRESENTATION

...

	67A	If an entity presents items of profit or loss in a statement of profit or loss separate from a statement presenting comprehensive income as described in paragraph 12(b) of IFRS 18, it presents basic and diluted earnings per share, as required in paragraphs 66 and 67, in the statement of profit or loss.
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	68	An entity that reports a discontinued operation shall either present the basic and diluted amounts per share for the discontinued operation i n the statement of comprehensive income or disclose that information in the notes.
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	68A	If an entity presents items of profit or loss in a statement of profit or loss separate from a statement presenting comprehensive income as described in paragraph 12(b) of IFRS 18, it presents basic and diluted earnings per share for the discontinued operation, as required in paragraph 68, in the statement of profit or loss or discloses that information in the notes. ...

DISCLOSURE

...

	73	[Deleted]
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	73A	[Deleted]
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	73B	In addition to presenting basic and diluted earnings per share required by this Standard, an entity is permitted to disclose in the notes additional amounts per share using a measure of performance as a numerator different from that required by paragraphs 12–18 and 33–35. However, such numerator(s) shall be the amount(s) attributable to ordinary equity holders of the parent entity of: (a) a total or subtotal in paragraphs 69, 86 and 118 of IFRS 18; or (b) a management-defined performance measure as defined in paragraph 117 of IFRS 18.
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	73C	If, applying paragraph 73B, an entity discloses an additional amount per share, the entity shall: (a) disclose the additional basic and diluted amounts per share with equal prominence. (b) calculate the additional amount per share using the weighted average number of ordinary shares determined in accordance with this Standard. (c) disclose the additional amount per share in the notes. That information cannot be presented in the primary financial statements. (d) disclose the information required by paragraphs 121–125 of IFRS 18 for the numerators that are management-defined performance measures.

EFFECTIVE DATE

...

	74F	IFRS 18 issued in April 2024 amended paragraphs 4A, 13 and 67A–68A, added paragraphs 73B–73C and deleted paragraphs 73–73A. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 74A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to the end of paragraph 74D.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

IAS 34   Interim Financial Reporting

Paragraphs 1–5, 7–10, 11A–12, 19 (and its related heading), 20 and 24 are amended and paragraphs 16A(m) and 61 are added.

SCOPE

	1	This Standard does not mandate which entities should be required to publish interim financial reports, how frequently, or how soon after the end of an interim period. However, governments, securities regulators, stock exchanges, and accountancy bodies often require entities whose debt or equity securities are publicly traded to publish interim financial reports. This Standard applies if an entity is required or elects to publish an interim financial report in accordance with IFRS Accounting Standards. The International Accounting Standards Committee encourages publicly traded entities to provide interim financial reports that conform to the recognition, measurement, and disclosure principles set out in this Standard. Specifically, publicly traded entities are encouraged: (a) to provide interim financial reports at least as of the end of the first half of their financial year; and (b) to make their interim financial reports available not later than 60 days after the end of the interim period.
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	2	Each financial report, annual or interim, is evaluated on its own for conformity to IFRS Accounting Standards. The fact that an entity may not have provided interim financial reports during a particular financial year or may have provided interim financial reports that do not comply with this Standard does not prevent the entity’s annual financial statements from conforming to IFRS Accounting Standards if they otherwise do so.
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	3	If an entity’s interim financial report is described as complying with IFRS Accounting Standards, it must comply with all of the requirements of this Standard. Paragraph 19 requires certain disclosures in that regard.

DEFINITIONS

	4	The following terms are used in this Standard with the meanings specified: … Interim financial report means a financial report containing either a complete set of financial statements (as described in IFRS 18 Presentation and Disclosure in Financial Statements or a set of condensed financial statements (as described in this Standard) for an interim period.)

CONTENT OF AN INTERIM FINANCIAL REPORT

	5	IFRS 18 defines a complete set of financial statements as including the following components: (a) a statement (or statements) of financial performance for the reporting period; (b) a statement of financial position as at the end of the reporting period; (c) a statement of changes in equity for the reporting period; (d) a statement of cash flows for the reporting period; (e) notes for the reporting period; (ea) comparative information in respect of the preceding period as specified in paragraphs 31–32 of IFRS 18; and (f) a statement of financial position as at the beginning of the preceding period if required by paragraph 37 of IFRS 18. An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘balance sheet’ instead of ‘statement of financial position’. ...
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	7	Nothing in this Standard is intended to prohibit or discourage an entity from publishing a complete set of financial statements (as described in IFRS 18) in its interim financial report, rather than condensed financial statements and selected explanatory notes. Nor does this Standard prohibit or discourage an entity from including in condensed interim financial statements more than the minimum line items or selected explanatory notes as set out in this Standard. The recognition and measurement guidance in this Standard applies also to complete financial statements for an interim period, and such statements would include all of the disclosures required by this Standard (particularly the selected note disclosures in paragraph 16A) as well as those required by other IFRSs.

Minimum components of an interim financial report

	8	An interim financial report shall include, at a minimum, the following components: (a) a condensed statement (or condensed statements) of financial performance; (b) a condensed statement of financial position; (c) a condensed statement of changes in equity; (d) a condensed statement of cash flows; and (e) selected explanatory notes.
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	8A	If an entity presents items of profit or loss in a statement of profit or loss separate from a statement presenting comprehensive income as described in paragraph 12(b) of IFRS 18, it presents interim condensed information from the statement of profit or loss.

Form and content of interim financial statements

	9	If an entity publishes a complete set of financial statements in its interim financial report, the form and content of those statements shall conform to the requirements of IFRS 18 for a complete set of financial statements.
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	10	If an entity publishes a set of condensed financial statements in its interim financial report, those condensed statements shall include, at a minimum, each of the headings and subtotals that were included in its most recent annual financial statements and the selected explanatory notes as required by this Standard. In preparing condensed financial statements, an entity shall apply this Standard and also the requirements in paragraphs 41–45 of IFRS 18 and in paragraphs 6A–6N of IAS 8 Basis of Preparation of Financial Statements. Additional line items or notes shall be included if their omission would make the condensed interim financial statements misleading. ...
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	11A	If an entity presents items of profit or loss in a statement of profit or loss separate from a statement presenting comprehensive income as described in paragraph 12(b) of IFRS 18, it presents basic and diluted earnings per share in the statement of profit or loss.
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	12	IFRS 18 provides guidance on the structure of financial statements. The Illustrative Examples that accompany IFRS 18 illustrate ways in which the statement of financial position, statement(s) of financial performance and statement of changes in equity may be presented. ...

Other disclosures

	16A	In addition to disclosing significant events and transactions in accordance with paragraphs 15–15C, an entity shall include the following information, in the notes to its interim financial statements or elsewhere in the interim financial report. The following disclosures shall be given either in the interim financial statements or incorporated by cross-reference from the interim financial statements to some other statement (such as management commentary or risk report) that is available to users of the financial statements on the same terms as the interim financial statements and at the same time. If users of the financial statements do not have access to the information incorporated by cross-reference on the same terms and at the same time, the interim financial report is incomplete. The information shall normally be reported on a financial year-to-date basis. … (m) the disclosures about management-defined performance measures required by paragraphs 121–125 of IFRS 18. ...

Disclosure of compliance with IFRS Accounting Standards

	19	If an entity’s interim financial report is in compliance with this Standard, that fact shall be disclosed. An interim financial report shall not be described as complying with IFRS Accounting Standards unless it complies with all the requirements of IFRS Accounting Standards.

Periods for which interim financial statements are required to be presented

	20	Interim reports shall include interim financial statements (condensed or complete) for periods as follows: … (b) statement(s) of financial performance for the current interim period and cumulatively for the current financial year to date, with comparative statement(s) of financial performance for the comparable interim periods (current and year-to-date) of the immediately preceding financial year. As permitted by IFRS 18, an interim report may present for each period a statement (or statements) of financial performance. ...

Materiality

...

	24	IFRS 18 defines material information and requires separate disclosure of material items, including (for example) discontinued operations, and IAS 8 requires disclosure of changes in accounting estimates, errors, and changes in accounting policies. The two Standards do not contain quantified guidance as to materiality. ...

EFFECTIVE DATE

...

	61	IFRS 18 issued in April 2024 amended paragraphs 1–5, 7–10, 11A–12, 19 (and its related heading), 20 and 24 and added paragraph 16A(m). An entity shall apply those amendments when it applies IFRS 18. In interim financial statements in the first year of applying IFRS 18, an entity shall apply paragraphs C4–C6 of Appendix C of IFRS 18.

A footnote is added to the end of paragraph 47.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

A footnote is added to the end of paragraphs 51 and 52.

• • When it issued IFRS 18, the IASB carried over these requirements in IAS 1 to IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ’ in paragraph 52.

• • When it issued IFRS 18 the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ’ in paragraphs 53, 56 and 58..

• • When it issued IFRS 18, the IASB changed the title of IAS 8.

A footnote is added to the end of paragraph 59.

• • When it issued IFRS 18, the IASB carried over the definition of ‘material’ in IAS 1 to IFRS 18.

A footnote is added to the end of paragraph 60.

• • When it issued IFRS 18, the IASB carried over the requirements to disclose material accounting policy information in IAS 1 to IAS 8.

IAS 36   Impairment of Assets

A footnote is added to the end of paragraph 140A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 37   Provisions, Contingent Liabilities and Contingent Assets

A footnote is added to the end of paragraph 104.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 38   Intangible Assets

Paragraph 102 is amended and paragraph 130N is added.

INTANGIBLE ASSETS WITH FINITE USEFUL LIVES

...

Residual value

...

	102	An estimate of an asset’s residual value is based on the amount recoverable from disposal using prices prevailing at the date of the estimate for the sale of a similar asset that has reached the end of its useful life and has operated under conditions similar to those in which the asset will be used. The residual value is reviewed at least at each financial year-end. A change in the asset’s residual value is accounted for as a change in an accounting estimate in accordance with IAS 8 Basis of Preparation of Financial Statements. ...

TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

...

	130N	IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraph 102. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 130B.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 40   Investment Property

Paragraph 31 is amended and paragraph 85I is added.

MEASUREMENT AFTER RECOGNITION

Accounting policy

...

	31	IAS 8 Basis of Preparation of Financial Statements states that a voluntary change in accounting policy shall be made only if the change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position, financial performance or cash flows. It is highly unlikely that a change from the fair value model to the cost model will result in a more relevant presentation. ...

EFFECTIVE DATE

...

	85I	IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraph 31. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 85A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

IAS 41   Agriculture

Paragraphs 50 and 53 are amended and paragraph 66 is added.

DISCLOSURE

General

...

	50	An entity shall disclose a reconciliation of changes in the carrying amount of biological assets between the beginning and the end of the current period. The reconciliation shall include: ...
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	53	Agricultural activity is often exposed to climatic, disease and other natural risks. If an event occurs that gives rise to a material item of income or expense, the nature and amount of that item are disclosed in accordance with IFRS 18 Presentation and Disclosure in Financial Statements. Examples of such an event include an outbreak of a virulent disease, a flood, a severe drought or frost, and a plague of insects. ...

EFFECTIVE DATE AND TRANSITION

...

	66	IFRS 18 issued in April 2024 amended paragraphs 50 and 53. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph 59.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IFRIC 1   Changes in Existing Decommissioning, Restoration and Similar Liabilities

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended. Paragraphs 6 and 8 are amended and paragraph 9C is added.

REFERENCES

• — IFRS 16 Leases

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 16 Property, Plant and Equipment (as revised in 2003)

• — IAS 23 Borrowing Costs

• — IAS 36 Impairment of Assets (as revised in 2004)

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

...

CONSENSUS

...

	6	If the related asset is measured using the revaluation model: … (d) IFRS 18 requires items of other comprehensive income to be presented as line items in the statement presenting comprehensive income. In complying with this requirement, the change in the revaluation surplus arising from a change in the liability shall be separately identified and presented as such. ...
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	8	The periodic unwinding of the discount shall be recognised in profit or loss as interest expense from liabilities other than those that arise from transactions that involve only the raising of finance as it occurs and classified—applying paragraph 61 of IFRS 18—in the financing category of the statement of profit or loss. Capitalisation under IAS 23 is not permitted.

EFFECTIVE DATE

...

	9C	IFRS 18 issued in April 2024 amended paragraphs 6 and 8. An entity shall apply those amendments when it applies IFRS 18. …

A footnote is added to the end of paragraph 9A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

The footnote at the end of paragraph 10 is amended.

• • When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IFRIC 2   Members’ Shares in Co-operative Entities and Similar Instruments

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ’ in paragraph 17.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IFRIC 5   Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — IFRS 9 Financial Instruments

• — IFRS 10 Consolidated Financial Statements

• — IFRS 11 Joint Arrangements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 28 Investments in Associates and Joint Ventures

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

IFRIC 6   Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

IFRIC 12   Service Concession Arrangements

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — Framework for the Preparation and Presentation of Financial Statements

• — IFRS 1 First-time Adoption of International Financial Reporting Standards

• — IFRS 7 Financial Instruments: Disclosures

• — IFRS 9 Financial Instruments

• — IFRS 15 Revenue from Contracts with Customers

• — IFRS 16 Leases

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 16 Property, Plant and Equipment

• — IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

• — IAS 23 Borrowing Costs

• — IAS 32 Financial Instruments: Presentation

• — IAS 36 Impairment of Assets

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

• — IAS 38 Intangible Assets

• — SIC-29 Service Concession Arrangements: Disclosures

IFRIC 14   IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended. Paragraph 10 is amended and paragraph 27D is added.

REFERENCES

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 19 Employee Benefits (as amended in 2011)

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

...

CONSENSUS

Availability of a refund or reduction in future contributions

...

	10	In accordance with IAS 8, the entity shall disclose information about the key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amount of the net asset or liability recognised in the statement of financial position. This might include disclosure of any restrictions on the current realisability of the surplus or disclosure of the basis used to determine the amount of the economic benefit available. ...

EFFECTIVE DATE

...

	27D	IFRS 18 issued in April 2024 amended paragraph 10. An entity shall apply those amendments when it applies IFRS 18.

A footnote is added to the end of paragraph 27A.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

IFRIC 16   Hedges of a Net Investment in a Foreign Operation

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — IFRS 9 Financial Instruments

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 21 The Effects of Changes in Foreign Exchange Rates

IFRIC 17   Distributions of Non-cash Assets to Owners

Below the heading ‘References’, the reference to IAS 1 is amended. Paragraph 2 is amended and paragraph 21 is added.

REFERENCES

• — IFRS 3 Business Combinations (as revised in 2008)

• — IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

• — IFRS 7 Financial Instruments: Disclosures

• — IFRS 10 Consolidated Financial Statements

• — IFRS 13 Fair Value Measurement

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 10 Events after the Reporting Period

...

BACKGROUND

...

	2	International Financial Reporting Standards (IFRSs) do not provide guidance on how an entity should measure distributions to its owners (commonly referred to as dividends). IFRS 18 requires an entity to present details of dividends recognised as distributions to owners in the statement of changes in equity or to disclose them in the notes. ...

EFFECTIVE DATE

...

	21	IFRS 18 issued in April 2024 amended paragraph 2. An entity shall apply those amendments when it applies IFRS 18.

The footnote to ‘owners’ in paragraph 1 is deleted.

IFRIC 19   Extinguishing Financial Liabilities with Equity Instruments

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended. Paragraph 11 is amended and paragraph 18 is added.

REFERENCES

• — Framework for the Preparation and Presentation of Financial Statements

• — IFRS 2 Share-based Payment

• — IFRS 3 Business Combinations

• — IFRS 9 Financial Instruments

• — IFRS 13 Fair Value Measurement

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 32 Financial Instruments: Presentation

...

CONSENSUS

...

	11	An entity shall present a gain or loss recognised in accordance with paragraphs 9 and 10 as a separate line item in the statement of profit or loss or disclose it in the notes.

EFFECTIVE DATE AND TRANSITION

...

	18	IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraph 11. An entity shall apply those amendments when it applies IFRS 18.

IFRIC 20   Stripping Costs in the Production Phase of a Surface Mine

Below the heading ‘References’, the reference to IAS 1 is amended.

REFERENCES

• — Conceptual Framework for Financial Reporting

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 2 Inventories

• — IAS 16 Property, Plant and Equipment

• — IAS 38 Intangible Assets

IFRIC 21   Levies

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended.

REFERENCES

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 12 Income Taxes

• — IAS 20 Accounting for Government Grants and Disclosures of Government Assistance

• — IAS 24 Related Party Disclosures

• — IAS 34 Interim Financial Reporting

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

• — IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.’ in paragraph A2.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IFRIC 22   Foreign Currency Transactions and Advance Consideration

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — The Conceptual Framework for Financial Reporting

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 21 The Effects of Changes in Foreign Exchange Rates

A footnote is added to ‘IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;’ in paragraph A2.

• • When it issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.

IFRIC 23   Uncertainty over Income Tax Treatments

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended. Paragraphs 14 and A4 are amended and paragraph B1A is added.

REFERENCES

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 10 Events after the Reporting Period

• — IAS 12 Income Taxes

...

CONSENSUS

...

Changes in facts and circumstances

...

	14	An entity shall reflect the effect of a change in facts and circumstances or of new information as a change in accounting estimate applying IAS 8 Basis of Preparation of Financial Statements. An entity shall apply IAS 10 Events after the Reporting Period to determine whether a change that occurs after the reporting period is an adjusting or non-adjusting event. ...

Appendix A

Application Guidance

DISCLOSURE

	A4	When there is uncertainty over income tax treatments, an entity shall determine whether to disclose: (a) judgements made in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates applying paragraph 27G of IAS 8; and (b) information about the assumptions and estimates made in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates applying paragraphs 31A–31E of IAS 8. ...

Appendix B

Effective date and transition

EFFECTIVE DATE

...

	B1A	IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 amended paragraphs 14 and A4. An entity shall apply those amendments when it applies IFRS 18.

SIC-7   Introduction of the Euro

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended.

REFERENCES

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 10 Events after the Reporting Period

• — IAS 21 The Effects of Changes in Foreign Exchange Rates (as revised in 2003)

• — IAS 27 Consolidated and Separate Financial Statements (as amended in 2008)

Under the heading ‘Effective date’, a footnote is added to the end of the second paragraph.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

SIC-10   Government Assistance—No Specific Relation to Operating Activities

Below the heading ‘References’, the reference to IAS 8 is amended.

REFERENCES

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

SIC-25   Income Taxes—Changes in the Tax Status of an Entity or its Shareholders

Below the heading ‘References’, the references to IAS 1 and IAS 8 are amended.

REFERENCES

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 8 Basis of Preparation of Financial Statements

• — IAS 12 Income Taxes

Under the heading ‘Effective date’, a footnote is added to the end of the second paragraph.

• • In April 2024 the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements and carried over these requirements in IAS 1 Presentation of Financial Statements to IFRS 18.

SIC-29   Service Concession Arrangements: Disclosures

Below the heading ‘References’, the reference to IAS 1 is amended.

REFERENCES

• — IFRS 16 Leases

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 16 Property, Plant and Equipment (as revised in 2003)

• — IAS 37 Provisions, Contingent Liabilities and Contingent Assets

• — IAS 38 Intangible Assets (as revised in 2004)

• — IFRIC 12 Service Concession Arrangements

SIC-32   Intangible Assets—Web Site Costs

Below the heading ‘References’, the reference to IAS 1 is amended. Paragraph 5 is amended. An unnumbered paragraph is added after the last paragraph under the heading ‘Effective date’.

REFERENCES

• — IFRS 3 Business Combinations

• — IFRS 15 Revenue from Contracts with Customers

• — IFRS 16 Leases

• — IFRS 18 Presentation and Disclosure in Financial Statements

• — IAS 2 Inventories (as revised in 2003)

• — IAS 16 Property, Plant and Equipment (as revised in 2003)

• — IAS 36 Impairment of Assets (as revised in 2004)

• — IAS 38 Intangible Assets (as revised in 2004)

...

ISSUE

...

	5	This Interpretation does not apply to expenditure on purchasing, developing, and operating hardware (eg web servers, staging servers, production servers and Internet connections) of a web site. Such expenditure is accounted for under IAS 16. Additionally, when an entity incurs expenditure on an Internet service provider hosting the entity’s web site, the expenditure is recognised as an expense under paragraph 46 of IFRS 18 and the Conceptual Framework for Financial Reporting when the services are received. ...

EFFECTIVE DATE

...

Amendments to References to the Conceptual Framework in IFRS Standards, issued in 2018, amended paragraph 5. An entity shall apply that amendment for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by Amendments to References to the Conceptual Framework in IFRS Standards. An entity shall apply the amendment to SIC-32 retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to SIC-32 by reference to paragraphs 23–28, 50–53 and 54F of IAS 8.