AASB 18 will reshape how financial performance is presented and explained.
For relevant for-profit entities, the standard applies to annual reporting periods beginning on or after 1 January 2027, with retrospective application.
December year-end reporters will need to restate their 2026 comparatives in the 2027 financial statements, so preparation must start well before the first reporting date.
Entities should now be assessing the classification of income and expenses, the new profit or loss subtotals, management-defined performance measures, aggregation and disaggregation, and the systems and data changes required.
This GAAPinar will explore:
- How AASB 18 changes the presentation and disclosure of financial statements
- Implementation challenges
- Recent interpretations and emerging issues
- Proposed amendments to AASB 1060 to align with AASB 18
- The implications of AASB 18 for not-for-profit entities
