Classification of income and expenses in the statement of profit or loss
Audit - IFRS 18IFRS 18 introduces a new way to classify income and expense in the statement of profit or loss. Our new Insight looks in detail at these new requirements.
In 2024, the International Accounting Standards Board (IASB), issued a new Standard IFRS 18 ‘Presentation and Disclosures in Financial Statements’. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027.
Our ‘Insights into IFRS 18’ series explains the new requirements of IFRS 18, highlighting some areas of the standard that we believe will be challenging to apply in practice. They also aim to help users of IFRS financial statements to understand how financial statements will change when applying the new Standard.
This article provides a high-level snapshot of the new requirements of IFRS 18.
IFRS 18
Related Insights
Get ready for IFRS 18
AuditEntities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from IAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.