[Global Financial Insights] IASB Amends IAS 21 | IFRS Updates SME Modules and More
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- Last Updated on 21 November, 2025
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
1. IASB issues amendments to IAS 21 for translating financial information into Hyperinflationary Currencies
The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, introducing clearer guidance on how entities should translate financial statements from a non-hyperinflationary currency into a hyperinflationary currency.
These amendments respond to stakeholder concerns and aim to reduce existing diversity in practice. The updated guidance is expected to enhance the usefulness, consistency, and comparability of financial information presented in hyperinflationary environments, while remaining cost-effective for preparers.
The amendments are effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted.
Source – International Accounting Standards Board
2. IFRS has released stand-alone modules aligned with the 2025 amendments to the IFRS for SMEs Standard
The IFRS Foundation has released stand-alone learning modules for each section of the IFRS for SMEs Accounting Standard and is currently updating them to align with the 2025 revised Standard. Priority is being given to sections where significant amendments have been made. These modules are designed to support preparers, auditors, educators and users of SME financial statements, and each module contains:
(a) Full requirements of the relevant section, including transition provisions, supplemented with explanatory notes and practical examples.
(b) Guidance on significant estimates and judgments commonly applied in practice.
(c) A comparison with full IFRS Standards, highlighting key differences.
(d) Knowledge checks with multiple-choice questions and answers.
(e) Case studies with solutions to help users apply the requirements in real-world scenarios.
Source – International Financial Reporting Standard
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