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IFRS Accounting Standards effective 1 January 2026
- 16 February 2026
- Accounting
- South African Accounting Academy
Summary:
The IFRS Accounting Standards—Required and IFRS Accounting Standards—Annotated Required 2026 are now available. Both editions contain the official authoritative pronouncements of the International Accounting Standards Board (IASB) as required at 1 January 2026.
Article:
The documents and amendments in this edition are effective from 1 January 2026.
They include the amendments to 6 Accounting Standards that were made by:
- Amendments to the Classification and Measurement of Financial Instruments;
- Annual Improvements to IFRS Accounting Standards—Volume 11;
- Contracts Referencing Nature-dependent Electricity; and
- the revised IFRS Practice Statement 1 Management Commentary.
The amendments from Disclosures about Uncertainties in the Financial Statements—Illustrative Examples, issued in November 2025, are also included in these editions.
Access the Annotated document at https://www.ifrs.org/content/dam/ifrs/shop/annotatedbb2026-changesinthisedition.pdf
Click here to download the 5-page document:
https://www.ifrs.org/content/dam/ifrs/shop/bb2026-changesinthisedition.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need evaluate adherence with the relevant financial reporting framework, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
- Failure to adhere to IFRs accounting standards may lead to misrepresentation in the financial statements.
- As an auditor, compiler and independent reviewer, you should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB, IFRS Foundations, etc.
Relevance to Your clients:
- Compilers of financial statements should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB, IFRS Foundations, etc.