IFRS 18 - Part I: Overview and income statement format

Presentation and disclosure in financial statements

After years of work, the IASB finalised its Primary Financial Statements (PFS) project with the publication of the resulting standard, IFRS 18, Presentation and Disclosure in Financial Statements, on 9 April 2024. The standard has an implementation period of over three-and-a-half years, although earlier adoption is permitted. This is the biggest achievement to date of the board chaired by Andreas Barckow as it is expected to lead to a significant improvement in the comparability of income statements between companies, better disclosure through enhanced aggregation and disaggregation of data, and more transparency of non-IFRS measures of income. As board member Nick Anderson emphasised at the IFRS Foundation 2024 conference, "All stakeholders will be affected by this standard".