In depth - New IFRSs for 2025

August 2025

Since July 2024 when our New IFRSs Accounting Standards for 2024 was published, the IASB has issued the following:

• Amendment to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Contracts Referencing Nature-dependent Electricity
• Annual improvements to IFRS – Volume 11

The publication gives an overview of the above amendments as well as the previous new standards/amendments that will be effective for annual periods beginning on or after 1 January 2025, and the impact of the changes. This publication includes a quick reference table of each standard/amendment/interpretation, including the effective date and whether early adoption is permitted.

In addition, the International Sustainability Standards Board (ISSB) has issued its first two standards, which officially take effect on 1 January 2024:

• IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS S2 Climate-related Disclosures

In April 2025, ISSB has published an Exposure Draft proposing targeted amendments to IFRS S2 that would provide reliefs to ease application of requirements related to the disclosure of greenhouse gas (GHG) emissions.

The Ministry of Finance of the People’s Republic of China and the Hong Kong Institution of Certified Public Accountants are developing local standards aligned with the ISSB Standards.