IASB issues IFRS 18

This week the International Accounting Standards Board (IASB) issued IFRS 18, a new standard on presentation and disclosure in financial statements, which replaces IAS 1. The key concepts in IFRS 18 relate to:

• the structure of the statement of profit or loss;

• required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and

• enhanced principles on aggregation and disaggregation that apply to the primary financial statements and footnotes.

IFRS 18 will apply for annual reporting periods beginning on or after January 1, 2027. For additional details, read PwC’s summary, IFRS 18 is here: redefining financial performance reporting
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