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.