PKF Insight - December 2024

The International Accounting Standards Board (IASB) has issued IFRS 18, a new standard focusing on presentation and disclosureupdates in financial statements, particularly the statement of profit or loss.

IFRS 18 was issued to enhance the quality and comparability of financial statements. The standard aims to provide investors andother financial statement users with a clearer and more comprehensive view of an entity's financial performance and position.Key objectives include improving the structure and content of primary financial statements, enhancing financial performanceinformation, and simplifying the presentation of complex financial data. The goal is to reduce diversity in financial reporting,thereby helping investors understand the information and make better comparisons between entities.