UKEB adopts Annual Improvements to IFRS Accounting Standards – Volume 11

The UKEB has today adopted Annual Improvements to IFRS Accounting Standards – Volume 11, issued by the IASB in July 2024.The amendments clarify the 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.

The text of the UK-adopted international accounting standards for the Amendments can be found on our website.

For more information on the UKEB’s approach to this project visit our website.

We would like to thank all stakeholders who contributed to this project.