Welcome to the Field

Discover how IFRS 18 changes the classification of income and expenses in the statement of profit or loss. This article explains key requirements, practical challenges and what to expect from the new financial reporting standard

Discover how IFRS 18 changes the classification of income and expenses in the statement of profit or loss. This article explains key requirements, practical challenges and what to expect from the new financial reporting standard

Understand how to assess whether your company acts as a principal or an agent under IFRS 15. This article explains the key considerations and judgements needed to recognise revenue correctly in multi-party transactions

Understand how to identify performance obligations under IFRS 15 Step 2. This article explains the key concepts behind revenue recognition and helps businesses apply the standard consistently across contracts with customers.

In 2024, the International Accounting Standards Board (IASB), issued a new Standard IFRS 18 ‘Presentation and Disclosures in Financial Statements’. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027.

This publication is designed to give preparers and reviewers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The IFRS Foundation has issued 'Disclosures about Uncertainties in the Financial Statements,' addressing practical application of the disclosure requirements in IFRS Accounting Standards.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2025 is no different.

Get ready for IFRS 18

Stay informed with Grant Thornton’s IFRS Alerts: IASB issues amendments to IFRS standards, including IFRS 19 and IAS 21, addressing disclosure simplifications for subsidiaries and clarifying foreign currency translation in hyperinflationary economies. Explore key updates and implications for financial reporting.

The popularity of cryptocurrencies has soared in recent years, yet they do not fit easily within IFRS’ financial reporting structure.

IFRS Foundation publishes near-final illustrative examples on reporting uncertainties in the financial statements

Revenue recognition is a critical aspect of financial reporting for all reporting entities. Ensuring it is applied consistently and comparably across industries and capital markets is essential.

Revenue recognition is fundamental in all businesses, and it is important that it is recognised in a consistent and comparable way across industries and capital markets.

Business combinations where the accounting is incomplete at the reporting date

A business combination often results in a fundamental change to an entity's operations. The nature and extent of the financial statement disclosures can significantly impact a user's ability to assess the effects of the acquisition on the consolidated financial statements. Accordingly, the disclosure requirements for business combinations under IFRS 3 ‘Business Combinations’ are quite extensive.