Navigating the Changes to IFRS Accounting Standards (2026 edition)
We are pleased to share the release of the 2026 edition of Navigating the Changes to IFRS Accounting Standards. This annual guide provides a concise, high‑level overview of new and amended IFRS issued between 1 January 2025 and 31 December 2025, helping preparers and reviewers stay informed on emerging financial reporting requirements.
Note: This alert references the original IFRS Accounting Standards. In the Philippines, IFRS Accounting Standards are adopted by the Financial and Sustainability Reporting Standards Council (FSRSC) and approved by the Philippine Board of Accountancy. Generally, IFRS Accounting Standards are adopted in the Philippines with the same effective date. However, PFRS 17, Insurance Contracts, was deferred locally from the original international effective date of 1 January 2023 to 1 January 2027.
What’s New in the 2026 Edition
The updated publication covers developments affecting key reporting periods, including 31 March 2025, 30 June 2025, 30 September 2025, 31 December 2025, and 31 March 2026 year‑ends.
This year’s edition includes:
- New Standards and Interpretations issued during 2025.
- Amendments to existing IFRS Accounting Standards, together with their effective dates and transition considerations.
- Required disclosures under IAS 8, including information on issued but not‑yet‑adopted standards and their estimated impact.
- Commercial impact assessments, using a traffic‑light system to show:
- the pervasiveness of each change, and
- it's likely effect on affected entities.
Key Areas Highlighted
Some of the significant updates summarized in the broader IFRS 2026 guidance include amendments effective in 2024–2027, such as:
- Classification of Liabilities as Current or Non‑current (IAS 1 Amendments)
- Lease Liability in a Sale and Leaseback (IFRS 16 Amendments)
- Supplier Finance Arrangements (IAS 7 & IFRS 7 Amendments)
- Lack of Exchangeability (IAS 21 Amendments)
- Amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments, effective 1 January 2026
- Forthcoming changes such as IFRS 18 and IFRS 19, effective 1 January 2027
These changes underscore the evolving landscape of financial reporting and the need for proactive planning.
How to Access the 2026 Edition
Access and download the full 2026 edition of Navigating the Changes to IFRS Accounting Standards below. This file provides a practical reference for keeping track of standard‑setting developments and preparing for upcoming mandatory adoption dates.
