IFRS 18 will:

-Enhances the clarity and consistency of financial statements, allowing companies to tell a more coherent financial story to investors.

-Apply for reporting periods beginning on or after 1 January 2027 (with a requirement to restate comparative information);

-Replace IAS 1, but with many of the existing principles in IAS 1 retained with limited changes; and

-Not impact the recognition or measurement of items in the financial statements, but might change the presentation of primary statements and disclosures.