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TLDR:

• IFRS 18 introduces changes in the presentation of financial statements, identification of management-defined performance measures, and grouping and labeling of items.
• It will affect how organizations present information in financial statements and notes.

IFRS 18, the new IFRS accounting standard effective from 1 January 2027, introduces three main changes. It does not change how organizations recognize and measure items in their financial statements, but it impacts how information is presented. The impact will vary depending on an organization’s processes and business activities. Organizations may need to make changes to their classification of income and expenses in the income statements, reporting systems, and processes to ensure accuracy in disclosures and grouping of information. The standard will also affect contracts, agreements, and compensation arrangements based on financial statements.