Accounting and Capital Markets Round-Up
March 2025
Hi,
Here are your articles on accounting & sustainability reporting updates for the month.
For further enquiries, please contact us, the Capital Market & Accounting Advisory Services (CMAAS) team at: my_cmaas@pwc.com
New MFRS effective on or after 1 January 2025
Amendments to MFRS 121 ‘The effects of changes in foreign exchange rates’ on lack of exchangeability is the new pronouncement that is effective from 1 January 2025. Companies with 31 December 2025 year end need to consider this amendment in the preparation of their interim financial statements, if relevant.
In addition, there are new MFRS and a few amendments to MFRS that are effective on or after 1 January 2026 and 2027. Companies, as per MFRS 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ are also required to disclose the possible impact that their application will have on the financial statements, if material.
Navigating sustainability reporting around the world
In recent years, there has been a growing demand from investors and stakeholders for transparent, consistent and comparable disclosures on environmental, social, and governance (ESG) matters in sustainability reporting. To meet this demand, regulators and standard setters in various jurisdictions have issued sustainability-related disclosure requirements looking to transform sustainability reporting.
As a result, entities may need to comply with a mix of various sustainability reporting standards. These include the IFRS® Sustainability Disclosure Standards, European Sustainability Reporting Standards, the SEC's climate disclosure rules, and other local or regional obligations.
The PwC Sustainability Reporting Adoption Tracker provides an overview of the local regulatory or legal sustainability reporting requirements by territory. Additionally, you can find out more about various sustainability reporting requirements by tuning into the following PwC podcasts:
- Sustainability Now: An overview of the key reporting frameworks provides an overview of the key frameworks, regulatory developments, and resources to leverage on the reporting journey.
- Sustainability Now: Determining Required Reporting breaks down CSRD and ISSB applicability rules and key compliance steps.
The Capital Markets & Accounting Advisory Services (CMAAS) team provides solutions on accounting, financial reporting and capital market matters. Talk to us
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