Summary of material accounting policies - Changes in IFRS Accounting Standards and Interpretations

12 Months Ended

Dec. 31, 2024

Description of Expected Impact of Initial Application of New Standards or Interpretations [Line Items]

Changes in IFRS Accounting Standards and Interpretations

b) Changes in IFRS Accounting Standards and 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 and 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 evaluate 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 systems;

–

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.

Other amendments to IFRS Accounting Standards

The IASB has issued a number of minor amendments to IFRS Accounting Standards, effective from 1 January 2024 and

later. These amendments do not have or are not expected to have a significant effect on UBS when they are adopted.