IASB publishes new standard on presentation and disclosure in financial statements

The new standard, IFRS 18, replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1.

IFRS 18 introduces new requirements to:

  • Present specified categories and defined subtotals in the statement of profit or loss
  • Provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements
  • Improve aggregation and disaggregation

Entities are required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted.

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