On April 9, 2024, the IASB (International Accounting Standards Board) issued IFRS 18 - Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 - Presentation of Financial Statements and is effective from 1 January 2027, with early adoption permitted.
The new standard was developed in response to feedback received by the IASB on gaps within the IFRS accounting standard, such as ambiguity on where to classify income and expenses in the income statement, lack of clarity on what subtotals to present above ‘profit or loss’ in the income statement and how to group information presented in the primary financial statements or disclosed in the notes.
