Changes in Financial Reporting Standards and Impact on Accounting Practices

This chapter delves into the differences between IFRS 18 and IS 1, highlighting changes such as the structure of the statement of profit or loss, management-defined performance measures, and aggregation/disaggregation guidance. It also covers upcoming IFRS standards, including IFRS 18 and IFRS 19, emphasizing preparation and potential challenges. Furthermore, it discusses the impact of IFRS 9 amendments on financial instruments standards, electronic cash transfers, and accounting for power purchase agreements with sustainable energy suppliers.