Identifying a performance obligation
IFRSAccurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets.
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The IASB has published a revised version of the ‘Conceptual Framework for Financial Reporting’ (the Conceptual Framework). This completes the IASB’s long-running project to update and clarify its existing guidance and fill in the gaps in it.
This Special Edition of IFRS News explains the key features of the revised Conceptual Framework and provides practical insights into its application and impact.
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Classification of income and expenses in the statement of profit or loss
IFRS 18In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, replacing IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027”.
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