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IFRS Talks - PwC's Global IFRS podcast
May 2024: Hello IFRS 18
May 9, 2024
Nick Barlow from the IASB's technical team joins to discuss the game-changing IFRS 18, set to replace IAS 1 in 2027. He highlights the need for clearer financial performance reporting, introducing new subtotals in profit statements to enhance stakeholder understanding. Barlow delves into the updated disclosure requirements for management performance measures, emphasizing their relevance for companies and auditors. The conversation also covers the challenges of implementation and the necessity for early preparation, ensuring a smooth transition to the new standards.
34:14
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Quick takeaways
- IFRS 18 introduces a new structure for profit and loss categories that enhances comparability and transparency in financial reporting.
- The standard requires clear disclosure of management-defined performance measures, ensuring they align with the income statement for improved consistency.
Deep dives
Introduction of IFRS 18: A New Accounting Standard
IFRS 18 introduces a significant change in accounting standards focused on presentation and disclosure in financial statements. Effective in 2027, it replaces IAS 1 and is the first new accounting standard in seven years. This new standard arose from feedback received from stakeholders, particularly investors, who emphasized the need for enhanced presentation of performance and improved communication in financial statements. IFRS 18 aims to provide a structure that emphasizes entity-specific information and addresses the concerns surrounding performance reporting.
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