The ASC has issued SFRS(I) 18 and FRS 118 Presentation and Disclosure in Financial Statements, which replace SFRS(I) 1-1 and FRS 1.
What changes
- Income and expenses are classified into operating, investing and financing categories, with new required subtotals such as operating profit.
- Companies must disclose management-defined performance measures used outside the financial statements, with a reconciliation.
- More guidance on grouping (aggregating and disaggregating) information.
Effective date
Annual reporting periods beginning on or after 1 January 2027. Comparative figures must be restated, so December year-end companies need 2026 figures in the new format.