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IFRS 20 Regulatory Assets and Regulatory Liabilities was issued by the IASB on 26 May 2026 and introduces a permanent accounting framework for rate-regulated activities. The Standard requires entities to recognise regulatory assets, regulatory liabilities, regulatory income, and regulatory expense arising from timing differences created by rate regulation. Businesses operating in electricity, water, gas, energy, utilities, and transport sectors should begin assessing how IFRS 20 may impact revenue, profit, KPIs, financial reporting systems, and stakeholder communications before the 1 January 2029 effective date.

Legal Notice No. 110 of 2026 brings into force key amendments under Act XVIII of 2025 impacting ESEF financial reporting. Companies must adapt to a revised filing framework effective for periods starting on or after 28 April 2026.

As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts. These declines in revenue may arise from decreases in volume and changes in variable consideration.

COVID-19: Financial Reporting and Disclosures, identifies key financial reporting areas that entities need to consider when determining the impact on their business, and on the results, financial position and disclosures in their financial statements.

Accounting implications of COVID-19

Definition of a lease IFRS 16 represents the first major overhaul of lease accounting in over 30 years. The new Standard will affect most companies that report under IFRS and are involved in leasing, and will have a substantial impact on the financial statements of lessees of property and high value equipment.

The IASB decided to replace IAS 39 in response to strong criticisms of that Standard in the aftermath of the global financial crisis of 2007/8. IFRS 9 fundamentally rewrites the accounting rules for financial instruments, particularly since it introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.