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Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from IAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. The member firms of Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights.

Between 2023 and 2026, a wide range of new and amended International Financial Reporting Standards (IFRS) are being issued, significantly impacting how businesses measure, recognize, and disclose financial information. The IFRS 2025 publication provides: A comprehensive summary of all new standards and amendments effective from 2023 to 2027 Detailed guidance and economic impact assessment for each change A color-coded effective date system for easy reference and implementation planning