The IASB just dropped new examples to help companies navigate the murky waters of reporting uncertainties in financial statements. Think of it as a cheat sheet for clearer, more consistent financial disclosures.
Key Points
•📅 Release Date: Illustrative examples published with minor edits from the July 2025 draft
•🌍 Focus: Climate-related scenarios used, but principles apply broadly
•📊 Stakeholder Feedback: Developed based on insights from stakeholders
•🔄 Implementation: No official effective date, but timely application expected
•🛒 Access: Available for IFRS Digital Subscribers and for purchase as PDF
🔍 The Big Reveal
The International Accounting Standards Board (IASB) has rolled out illustrative examples to guide companies on how to properly apply IFRS Accounting Standards when reporting uncertainties in financial statements. These examples primarily use climate-related scenarios for illustration, but the principles are versatile enough to cover a wide range of uncertainties.
🌍 Why It Matters
Stakeholders have been vocal about the inconsistencies and insufficiencies in the information provided about uncertainties in financial statements. According to the IASB, these new examples aim to enhance the clarity and consistency of such disclosures, making financial statements more reliable and informative.
📅 What’s New
A near-final draft of these examples was initially published in July 2025. The final versions released today only have minor editorial tweaks. While there is no official effective date, companies are expected to adopt these changes promptly.
📚 How to Get It
For those keen to dive into the nitty-gritty, the illustrative examples are accessible to IFRS Digital Subscribers via the IFRS Standards Navigator. They can also be purchased as a PDF from the IFRS Foundation Shop. So, no excuses for not being up-to-date!
