IFRS Accounting Standards

IASB consults on clarifying the fair value option in IAS 28

In February 2026, the International Accounting Standards Board (IASB) issued proposed amendments to IAS 28 Investments in Associates and Joint Ventures to clarify which investments a company is eligible to measure using the fair value option. The IASB’s narrow scope proposals aim to address diversity in practice and provide timely clarity before the implementation of IFRS 18 Presentation and Disclosure in Financial Statements from 1 January 2027.

The consultation runs until 20 April 2026, with final amendments expected by mid‑2026 to ensure their timely adoption into national requirements alongside IFRS 18.

ICAEW agrees with UKEB’s tentative decision to endorse IFRS 19 for use in the UK

ICAEW has broadly supported the UK Endorsement Board’s (UKEB) draft assessment that IFRS 19 Subsidiaries without Public Accountability: Disclosures meets the criteria to be endorsed for use in the UK. ICAEW’s response notes that the standard offers a pragmatic reporting option for subsidiaries while enabling consistent reporting across a group’s subsidiaries. The response emphasises that the reduced‑disclosure framework should ease reporting requirements for eligible entities without undermining transparency for users. It also encourages the UKEB to continue monitoring implementation challenges and to provide clarity where needed to ensure consistent application across the UK reporting landscape.

After consideration of stakeholder feedback, the UKEB is expected to finalise its endorsement decision in the early Summer.

March 2026 IFRS for SMEs Accounting Standard Update

The IASB has released its March 2026 IFRS for SMEs® Accounting Standard Update, highlighting consolidated and separate financial statements guidance, recent SME Implementation Group discussions and new implementation resources.

Sustainability Reporting

UK Sustainability Reporting Standards published

The Department for Business and Trade has published the first UK Sustainability Reporting Standards (UK SRS), marking a major step in shaping the UK’s future sustainability disclosure framework. Closely aligned with the IFRS Sustainability Disclosure Standards, the UK SRS aim to provide a consistent, decision useful baseline for sustainability reporting while reflecting UK specific priorities. They are now available for voluntary use and organisations are encouraged to begin preparing by strengthening governance, data systems and internal processes, particularly as demand for sustainability assurance is expected to grow.

The Financial Conduct Authority (FCA) recently held a consultation on aligning listed companies’ sustainability disclosures with UK SRS, which closed in March 2026. The FCA will now review the feedback and aims to publish a Policy Statement in Autumn 2026.

• More details on the UK SRS can be found in this article.

ISSB consults on amendments to the remaining SASB Standard

In March 2026, the International Sustainability Standards Board (ISSB) issued an Exposure Draft proposing amendments to the remaining three SASB Standards as part of its initial enhancement programme – Agricultural Products, Meat, Poultry & Dairy, and Electric Utilities & Power Generators. This follows the ISBB’s earlier consultation on the first nine SASB standards published in July 2025. The proposed updates aim to bring the remaining SASB Standards into closer alignment with ISSB Standards, enhance global applicability, improve decision usefulness for investors and ensure consistency with the industry based guidance underpinning IFRS S2 Climate related Disclosures.

The consultation is open until 24 July 2026, with respondents being encouraged to focus on providing feedback specific to this year’s consultation.

Jurisdictional Readiness Assessment Guide and associated tool

In February 2026, the IFRS Foundation released a new Jurisdictional Readiness Assessment Guide and Tool to help jurisdictions evaluate their preparedness for adopting IFRS Sustainability Disclosure Standards. The resource provides a structured framework for assessing legal, regulatory and institutional readiness, supporting smoother and more consistent global implementation.

EU Omnibus I Directive published

In February 2026, the European Commission adopted the Omnibus package, which streamlines sustainability reporting and due diligence requirements by significantly simplifying both the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). The changes include raising reporting thresholds and reducing requirements, particularly for smaller entities, while retaining core sustainability obligations.

Accountancy Europe published factsheets in January 2026 covering the Omnibus package, helping companies understand how the revised rules reshape their reporting and compliance priorities.

UK regulation for company accounts

Accounts filing changes: timetable updated

Companies House has confirmed that changes to filing requirements will not be taking effect from 1 April 2027 and that companies will receive at least 21 months’ notice to prepare for any changes. The planned changes to accounts filing are part of the broader Companies House reform programme, driven by the Economic Crime and Corporate Transparency Act. The reforms aim to strengthen corporate accountability and improve data reliability, including new identity verification measures.

• Find out more by reading this article

Other

FRC digital reporting education events

In February 2026, the Financial Reporting Council (FRC) announced that a series of Digital Reporting education events would be held across the UK in anticipation of increased digital data as the UK moves to mandating software-only filing. These events introduced preparers, auditors, regulators and analysts to digital reporting using XBRL and the UK taxonomies. The programme has also included hands on hackathons, giving participants the opportunity to explore and work directly with digital reporting data.

FRC published improving the quality of ‘comply or explain’ reporting guide

The FRC published updated guidance on 'comply or explain' reporting in March 2026 to help investors and advisors better recognise the value of flexible governance reporting. The guidance highlights how companies can provide more meaningful, decision useful disclosures by focusing on clarity, relevance and the specific circumstances of their business, rather than boilerplate reporting. It also offers practical examples to support more effective communication of governance practices.

Companies House publishes new identity verification guidance

Companies House guidance, issued in January 2026, aims to help organisations understand the identity verification requirements for people with significant control (PSC). The guidance explains who could be a PSC, how the process works and what PSCs need to do to under the new rules. In addition, anyone filing statutory documents with Companies House (referred to as a presenter) will be required to have their identity verified or be registered as an Authorised Corporate Services Provider. However, Companies House has postponed the deadline for presenters ID and registration measures from Spring to no earlier than November 2026.