Changes in accounting policies, comparability and adjustments

6 Months Ended

Jun. 30, 2024

Changes In Accounting Policies Comparability And Adjustments [Line Items]

Changes in accounting policies, comparability and adjustments

Amendments to IAS 12,

 Income Taxes

UBS has applied for the purposes of these financial statements the exception that was introduced by the

amendments to IAS 12,

Income Taxes

, issued in May 2023 in relation to top-up taxes on income under Global Anti-

Base Erosion Rules that have been imposed under legislation that has been enacted or substantively enacted to

implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development.

The exception requires that deferred tax assets and deferred tax liabilities be neither recognized nor disclosed in

respect of such top-up taxes.

Other amendments to IFRS Accounting Standards

A number of minor amendments to IFRS Accounting Standards became effective from 1 January 2024 or later and

have had no material effect on the Group.

Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations

IFRS 18,

Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued a new standard, IFRS 18,

Presentation and Disclosure in Financial Statements,

 which

replaces IAS 1,

Presentation of Financial Statements

. The main changes introduced by IFRS 18 relate to:

–

the structure of income statements;

–

new disclosure requirements for management performance measures; and

–

enhanced guidance on aggregation / disaggregation of information on the face of financial statements and in

the notes thereto.

IFRS 18 is effective from 1 January 2027 and will also apply to comparative information. UBS will first apply these

new requirements in the Annual Report 2027 and, for interim reporting, in the first quarter 2027 interim report.

UBS is assessing the impact of the new requirements on its reporting, but expects it to be limited. UBS will take the

opportunity to refine the grouping of items in the primary financial statements and in the notes thereto based on

new principles of aggregation and disaggregation in IFRS 18.

Amendments to IFRS 9,

Financial Instruments

, and IFRS 7,

Financial Instruments: Disclosures

In May 2024, the IASB issued

Amendments to the Classification and Measurement of Financial Instruments –

Amendments to IFRS 9 and IFRS 7

 (the Amendments). 

The Amendments relate to:

–

derecognition of financial liabilities settled through electronic transfer;

–

assessment of contractual cash flow characteristics in classifying financial assets, including those with

environmental, social and corporate governance and similar features, non-recourse features, and contractually

linked instruments; and

–

disclosure of information about financial instruments with contingent features that can change the amount of

contractual cash flows, as well as equity instruments designated at fair value through other comprehensive

income.

The Amendments are effective from 1 January 2026, with early application permitted either for the entire set of

amendments or for only those that relate to classification of financial instruments. UBS is currently assessing the

impact of the new requirements on its financial statements.