IFRS TODAY

Local garment factories are struggling to implement the Global Reporting Initiatives (GRI) standards, a set of 246 globally accepted standard issues, owing to a raft of factors, including a lack of data, local expertise, national policy directives and...

WTW has published the latest edition of its Climate Reporting Comparative Table, with the goal of providing a comprehensive overview of climate-related financial disclosure requirements across key global jurisdictions.

According to the WB, in addition to reduced net oil revenues, the opaque governance of NNPCL has significantly undermined the transmission of oil revenues to the federation.

Reducing methane emissions is an essential step in ensuring the increase in global temperatures do not exceed 1.5°C benchmark. Methane is the second most abundant greenhouse gas after carbon dioxide and accounts for 16% of global emissions. According...

IFRS 18’s impact on financial reporting IFRS 18, issued by the International Accounting Standards Board (IASB) in April 2024, significantly reshapes the presentation and disclosure framework for financial statements. This standard, effective from January 1, 2027, aims to enhance the transparency and comparability of financial reports by introducing several key changes. Key Impacts on Financial Reporting New Structure for Profit or Loss Statements: IFRS 18 introduces five mandatory categories for classifying income and expenses: operating, investing, financing, income taxes, and discontinued operations. Entities whose core business activities involve investing or financing (e.g., banks or insurers) will report related items within the operating category. This realignment ensures that financial performance aligns more closely with business operations, improving comparability across industries. Mandatory Subtotals: The standard requires entities to report specific subtotals, such as “operating profit or loss,” and “profit or loss before financing and income taxes.” These subtotals help investors better understand a company’s core operations and facilitate consistent financial analysis. Incorporation of Management-Defined Performance Measures (MPMs): IFRS 18 mandates that non-GAAP or alternative performance metrics, if used in external communications, must now be disclosed in the notes to financial statements. This step aims to bring more transparency to the use of these metrics and bridge the gap between regulatory and internal reporting practices. Aggregation and Disaggregation Guidance: The standard emphasizes the importance of meaningful grouping of financial information, ensuring materiality is not obscured. Companies need to evaluate their charts of accounts and systems to align with IFRS 18’s guidance, which may require significant operational changes. Changes to Cash Flow Statement: IFRS 18 modifies the starting point for the cash flow statement to be the “operating profit or loss” subtotal, providing a more intuitive link between profit reporting and cash generation. It also limits the presentation options for interest and dividends to ensure consistency. These changes demand thorough preparation from companies, not only in terms of presentation but also in operational systems and processes. The new standard aims to address investors’ concerns about financial reporting’s lack of clarity by providing structured, transparent, and comparable information across entities. By enhancing the alignment between a company’s business activities and its financial statements, IFRS 18 sets a new benchmark for performance reporting, benefitting both preparers and users of financial reports in assessing companies' financial health and future prospects【6】【7】【8】【9】【10】. IFRS Foundation KPMG Deloitte EY ACCA AICPA

Open banking is changing the way banks and customers interact, making financial services more accessible and personalised. This new approach allows customers to share their banking data with third-party providers, leading to innovative solutions that...

VANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / October 24, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) (“Organto” or “the Company”), a provider of branded, private label and bulk distributed healthy and organic fruit and...

BAKU, Azerbaijan, October 21. The single digital <a target=_blank href=https://lnkd.in/edGmvGBM

FTSE 100 down 37 points Lloyds slips after results Gold passes US$2,750 4.02pm: FTSE 100 on course for fourth straight fall London’s blue chips looked on...

Listed companies must submit climate-related disclosures from FY2025, and large non-listed companies by FY2027. Read more at straitstimes.com.