The ASC has issued Volume 11 of the Annual Improvements to SFRS(I)s and FRSs. These are small, narrow changes that fix wording or remove inconsistencies.
Standards affected
- SFRS(I) 1 First-time Adoption: hedge accounting by first-time adopters.
- SFRS(I) 7 Financial Instruments: Disclosures: gain or loss on derecognition and related guidance.
- SFRS(I) 9 Financial Instruments: derecognition of lease liabilities and the term “transaction price”.
- SFRS(I) 10 Consolidated Financial Statements: determining a “de facto agent”.
- SFRS(I) 1-7 Statement of Cash Flows: the term “cost method”.
Effective date
Annual reporting periods beginning on or after 1 January 2026.