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At first glance, the IFRS updates effective from 1st January 2026 might look like another round of “business-as-usual” amendments. No brand-new headline standard. No dramatic overhaul of recognition and measurement.
The IASB has introduced IFRS 18, ‘Presentation and Disclosure in Financial Statements’, a new standard replacing IAS 1. While IFRS 18 retains many of IAS 1’s principles with minor adjustments, it does not impact the recognition or measurement of financial statement items. However, it may change how entities report their operating profit or loss.
