IFRS Talks - PwC's Global IFRS podcast
February 2024: What’s in store in 2024?
Feb 22, 2024
2024 is set to be an exciting year for IFRS with the introduction of new standards IFRS 18 and IFRS 19. The podcast discusses the changes in financial reporting standards, the complexities of hedge accounting for virtual power purchase agreements, and anticipated amendments for 2024 IFRS standards. Special guests share insights on business combinations, disclosures, and goodwill tests, as well as discussions on equity method applications and provisions.
25:33
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Quick takeaways
- IFRS 18 focuses on presentation and disclosure to enhance transparency for investors.
- Companies must prepare for comprehensive changes in systems and reporting processes for IFRS 18 compliance.
Deep dives
Overview of New IFRS Accounting Standards for 2024
In 2024, two new IFRS accounting standards, IFRS 18 and IFRS 19, are scheduled for release. IFRS 18 focuses on presentation and disclosure in financial statements, aiming to enhance transparency and comparability for investors. It introduces changes in categories and subtotals for profit or loss statements, requiring more detailed disclosures about management-defined performance measures and improved aggregation and disaggregation of financial information.
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