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International Financial Reporting Standard 18, “Presentation of Financial Statements,” deals with the presentation of financial statements and replaces IAS 1 on this subject.
The new standard changes the structure of the statement of profit or loss and, for the first time under IFRS, defines operating profit (loss).
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[textContent] => International Financial Reporting Standard 18, “Presentation of Financial Statements,” deals with the presentation of financial statements and replaces IAS 1 on this subject.
The new standard changes the structure of the statement of profit or loss and, for the first time under IFRS, defines operating profit (loss).
)
What is the purpose of IFRS 18?
In April 2024 the IASB issued IFRS 18, a new IFRS accounting standard that will become effective in 2027. This landmark standard introduces significant and unprecedented changes to the presentation of financial statements, replacing IAS 1. Its main objective is to enhance transparency, comparability and usefulness of financial reporting for investors.
How does IFRS 18 change the structure of the statement of profit or loss?
IFRS 18 reshapes the structure of the statement of profit or loss, dividing it into three main categories:
Operating activities
Investing activities
Financing activities
This structure mirrors the layout of the statement of cash flows and aims to provide a clearer understanding of the sources of income and expenses. It should be noted that the clear separation of the three categories, operating, investing and financing, provides a more transparent depiction of how an entity generates income and incurs expenses.
What subtotals are required under IFRS 18?
The standard also introduces three mandatory subtotals:
Operating profit
Profit before financing and income taxes
Net profit
Additional materials dealing with IFRS 18:
