Here are some key points on how IFRS standards have evolved over time and the changes made to address emerging issues in financial reporting:

1. The initial set of IFRS standards were issued in 2003: These standards were developed to provide a common set of accounting principles for use by companies around the world.
2. Since then, new standards have been issued on a regular basis: The International Accounting Standards Board (IASB) has issued new standards on a regular basis to address emerging issues and ensure that the standards remain relevant and up-to-date.
3. The adoption of IFRS 9: IFRS 9 was adopted in 2014 and introduced a new approach to financial instrument accounting, including changes to the classification and measurement of financial assets and liabilities, and the introduction of an expected credit loss model for impairment.
4. The adoption of IFRS 15: IFRS 15 was adopted in 2018 and introduced a new revenue recognition model, which is based on the principle that revenue should be recognized when control of a good or service is transferred to a customer.
5. The adoption of IFRS 16: IFRS 16 was adopted in 2019 and introduced a new lease accounting model, which requires lessees to recognize most leases on their balance sheets.
6. The focus on principles-based standards: There has been a greater focus on principles-based standards, which provide more flexibility for companies in how they apply the standards to their specific circumstances.
7. The impact of technology: The emergence of new technologies, such as blockchain and artificial intelligence, has led to the development of new accounting standards and guidance to address the unique issues that arise with these technologies.

Overall, IFRS standards have evolved over time to address emerging issues in financial reporting, such as the recognition of revenue and the accounting treatment of financial instruments and leases.

The adoption of principles-based standards has provided greater flexibility for companies in how they apply the standards to their specific circumstances, and the impact of technology has led to the development of new standards and guidance.

The IASB continues to review and update the standards to ensure that they remain relevant and up-to-date in a rapidly changing business environment.