Get ready for IFRS 18

The Grant Thornton International IFRS team has published Get ready for IFRS 18 – The new financial statements presentation and disclosure standard. This publication provides a high-level overview of the new requirements of IFRS 18, along with some practical insights into the potential challenges that entities will face when applying it.

In April 2024, the International Accounting Standards Board (IASB) issued the new accounting standard IFRS 18 Presentation and Disclosure in the Financial Statements (IFRS 18). IFRS 18, which will replace IAS 1 Presentation of Financial Statements that has been in use for many years, is effective for reporting periods starting on or after January 1, 2027.

The objective of IFRS 18 is to improve how information is communicated in an entity’s financial statements, particularly in the statement of profit or loss and in notes to the financial statements. It introduces new requirements for the presentation of the statements of profit and loss, disclosures for so-called management-defined performance measures, and enhanced guidance on aggregation and disaggregation of information in the financial statements.