This edition covers current developments as of March 31, 2025.
Tariffs, counter-tariffs and continually evolving trade policies are creating challenges for businesses, disrupting supply chains and increasing uncertainty across a broad range of industries. Tariffs between the US and Canada will impact over 80% of Canadian businesses and have significant impacts on entities in targeted industries with vulnerable supply chains. Changing policies and ongoing uncertainty may pose challenges in preparing estimates, assumptions and projected financial information, thus increasing complexity in financial reporting.
Refer to our financial reporting in uncertain times resource centre which features a range of articles, blogs and podcasts to explore the financial reporting impacts of operating in an uncertain environment. In addition, our navigating tariffs webpage has additional insights and latest developments related to tariffs and broader business considerations.
On sustainability reporting, the European Commission (EC) has introduced significant proposals to lessen the demands of sustainability reporting, while the International Sustainability Standards Board (ISSB) plans to suggest practical amendments to ease implementation. In the US, the US Securities and Exchange Commission (SEC) Acting Chairman asked the court not to schedule arguments related to the Climate Disclosure Rule, and several states are now pursuing their own state-level climate reporting regulations.
Companies with a calendar year end will be required to apply the IFRS Accounting Standards requirements effective from January 1, 2025 as outlined in section Requirements effective in 2025. Refer to our illustrative disclosures and disclosure checklist for our guides to condensed interim financial statements that reflect Accounting Standards effective from January 1, 2025.
Although not effective in 2025, companies should be aware of the new amendments to IFRS 9 and IFRS 7 � Classification and Measurement of Financial Instruments and IFRS 9 � Power Purchase Agreements, which are effective January 1, 2026. In addition, the new IFRS Accounting Standards, IFRS 18 General Presentation and Disclosure and IFRS 19 Subsidiaries without Public Accountability: Disclosures, which are effective January 1, 2027. However, these amendments and new Accounting Standards may require some lead time to prepare for implementation. The latest information on the new amendments and standards are provided in the below sections, Major projects and new Accounting Standards and Other developments.
