Call for Comments: Draft Endorsement Criteria Assessment on Annual Improvements to IFRS Accounting Standards – Volume 11

The UKEB has today published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Annual Improvements to IFRS Accounting Standards – Volume 11.

In July 2024 the IASB published Annual Improvements to IFRS Accounting Standards – Volume 11. The amendments aim to provide further clarification and requirements for:

• Hedge accounting by a first-time adopter (IFRS 1 First-time Adoption of International Financial Reporting Standards)
• Gain or loss on derecognition (IFRS 7 Financial Instruments: Disclosures)
• Transaction price (IFRS 9 Financial Instruments)
• Derecognition of lease liabilities (IFRS 9)
• Determination of a ‘de facto agent’ (IFRS 10 Consolidated Financial Statements)
• Cost method (IAS 7 Statement of Cash Flows)

The Amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted, subject to UKEB’s decision to formally adopt them for use in the UK.

The UKEB invites stakeholders’ views on the DECA conclusions regarding potential UK adoption of the Amendments.

Stakeholders are invited to provide feedback either via the Invitation to Comment form or by email to UKEndorsementBoard@endorsement-board.uk. Comments are welcome until 17 January 2025.

Visit our website for more information on the UKEB’s approach to this project.