Top 5 IFRS Mistakes to Avoid in 2025 — Practical Guidance for Finance Leaders

Overview: IFRS continues to evolve, and 2025 brings new expectations around transparency, sustainability links, and consistency of application. Avoiding common mistakes requires strong planning, clear narratives, and well-integrated systems. This article highlights the top pitfalls and how to prevent them.

Mistake 1 — Weak Linkage Between Narrative and Numbers

Investors and auditors expect consistency between management discussion and analysis and the financial statements. If risks, strategies, or sustainability themes are highlighted in narratives, ensure the financial impact and assumptions are reflected in the numbers and disclosures.

Mistake 2 — Late or Incomplete Implementation of Updated Standards

Deferrals and partial adoptions cause restatements and credibility issues. Create an impact assessment early, decide on policies, and run dry runs before year-end. Keep a log of judgments and references that support your choices.

Mistake 3 — Manual Workarounds Instead of System Solutions

Relying on spreadsheets for complex areas invites error. Focus on ERP fields, sub-ledgers, and workflow approvals that capture data at source. Automate recurring calculations and build audit trails into the process.

Mistake 4 — Thin Disclosures

Disclosures that repeat boilerplate language without entity-specific detail are often challenged. Tie disclosures to material transactions, contract terms, sensitivities, and management judgments that are relevant to users of the financial statements.

Mistake 5 — Inconsistent Group Reporting

Consolidations can fail when entities apply policies differently. Standardize accounting manuals, calendars, and templates. Perform pre-close reviews and define thresholds for adjustments.

A Practical Prevention Framework

• Run an annual IFRS impact assessment and track actions to closure.
• Align ERP configuration and chart of accounts with disclosure requirements.
• Use pre-close workshops to address complex contracts before cutoff.
• Implement disclosure checklists that enforce entity-specific content.
• Document significant judgments and estimates with clear ownership.

How Univia Can Help

Univia advises on IFRS implementation, consolidation, disclosure enhancement, and auditor liaison. We help you embed better processes so that accuracy, timeliness, and governance improve together.