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IFRS 18 is intended to improve how information is communicated in financial statements by: (a) requiring an entity to present defined totals and subtotals and to classify income and expenses into the categories of operating, investing, financing, income taxes and discontinued operations in the statement
IFRS 18, which was published by the IASB on 9 April 2024, sets out significant new requirements for how financial statements are presented, with particular focus on the statement of profit or loss, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosures related to man...
12 kwi 2024 · Overview. IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027.
IFRS 18 brings three categories of income and expenses, two income statement subtotals and one single note on management performance measures. These, combined with enhanced disaggregation guidance, set the stage for better and more consistent information for users – and will affect all companies.”
Overview of IFRS 18. Some of the key changes brought in by IFRS 18 are introduction of three categories of income and expenses, two income statement subtotals and one single note on management performance measures.
IFRS 18 introduces • enhanced requirements for grouping of information, including requirements for presenting and disclosing operating expenses • guidance on whether information should be in the primary financial statements or the notes • disclosures about items labelled as ‘other’
IFRS 18 is effective for reporting periods beginning on or after 1 January 2027. It introduces several new requirements that are expected to impact the presentation and disclosure of most, if not all, entities.
