Financial reporting has undergone significant changes in recent years. The IASB (International Accounting Standards Board) has introduced several new financial reporting standards in the past five years, such as IFRS 9 (Financial Instruments), IFRS 16 (Leases), IFRS 15 (Revenue from contracts with customers), and IFRS 17 (Insurance Contracts).
With more standards like IFRS 18 (Presentation and disclosure in the financial statements) on the horizon, including those on rate-regulated activities, the financial reporting landscape is set to evolve further. In light of this, it's crucial for financial statements preparers to understand the perspective of the users.
