Navigating the changes to IFRS 2026
Insights into IFRSWe have released the 2026 edition of our annual publication Navigating the Changes to IFRS, updated for the changes to IFRS Accounting Standards issued in 2025.
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 and changes how companies present operating performance, income and expenses in financial statements.
Implementing IFRS 18 is more than a technical accounting exercise – it reshapes how organisations present performance, communicate results and tell their financial story. But interpreting new presentation and disclosure requirements and preparing for audit can stretch resources within finance teams.
We provide practical, hands-on IFRS 18 advisory support to help you plan early, implement the new standards with confidence and keep reporting on track as standards evolve.
Combining pragmatic technical accounting advice with disciplined programme delivery and financial reporting support, we help you reduce surprises during your audit and present clearer and more meaningful financial information to stakeholders.
How we can help Singapore companies implement IFRS 18
We offer an integrated, end-to-end service across three pillars, helping your finance function and wider business stay IFRS 18 ready.
Technical accounting advisory
- Interpretation of the IFRS 18 requirements and how they interact with existing standards and the consequential amendments
- Assessment of presentation categories, mandatory subtotals and mapping from the current chart of accounts
- Identification of key judgement areas and disclosure drivers
- Practical guidance on transition and comparative reporting
- Support with preparation of accounting memos and technical papers suitable for external audit review
Project management & transformation
- Programme and project governance tailored to your organisation
- Gap analysis across existing accounting policies, systems, reporting packs, dashboards, tax and internal controls
- Translation of technical requirements to changes required to Chart of Accounts, ERP and reporting tools
- Change management and training
Financial reporting support
- Redesign of statutory financial statements, internal management reports and KPI dashboards to align with IFRS 18 presentation
- Preparation of disclosure checklists, note templates and reconciliations for audit review
- Drafting of transitional disclosures
- Support for interim and quarterly reporting requirements
- Post-implementation support including reviews and ongoing financial reporting support
Find out your IFRS 18 implementation status
Assess your organisation’s readiness across accounting, reporting and implementation considerations.
FAQs
What is IFRS 18 and why was it introduced?
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is a new standard that will replace the existing IAS 1 ‘Presentation of Financial Statements’. It aims to improve clarity, comparability, and transparency in financial reporting, especially around profit or loss presentation.
How will IFRS 18 affect financial statement presentation?
IFRS 18 significantly changes how financial performance is presented in the statement of profit or loss.
To improve consistency and comparability across entities, companies must classify all income and expenses into defined categories – operating, investing, financing, income taxes and discontinued operations.
In addition, companies will need to present two standardised subtotals – operating profit and profit before financing and income taxes.
These changes reshape the structure of the income statement and enhance transparency while not altering recognition or measurement principles.
Who does IFRS 18 apply to?
IFRS 18 applies to all entities that prepare their financial statements in accordance with IFRS Accounting Standards. This includes listed companies, private enterprises, and not‑for‑profit organisations across all industries.
Singapore has adopted IFRS 18 through its local equivalent, SFRS (I) 18 or SFRS 118, with the same effective date of 1 January 2027. This means Singapore‑incorporated companies will need to comply with the new presentation and disclosure requirements, including reclassification of income and expenses and restatement of comparative information.
When does IFRS 18 become effective?
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. Entities that early adopt IFRS 18 are required to disclose that fact in the notes to the financial statements.
What is the timeline for implementing IFRS 18?
To be ready to apply IFRS 18 from 1 January 2027, entities should begin their gap analysis and system assessment now, ensure systems are live in 2026 to capture and classify comparative information, and prepare to issue their first fully IFRS 18‑compliant annual report for 2027 with restated 2026 figures; entities that prepare quarterly results will also need to present IFRS 18‑compliant Q1 2027 financial statements.
Why Grant Thornton
We know that every business is unique, so we work closely with you to understand your needs wherever you're at. We’ve worked with organisations from different sectors for their IFRS financial statements, and can tap on our past experience to bring you deep insights and tailor practical solutions that help you achieve your objectives.
Best of local and global insights
Bringing finely tuned local knowledge together with global expertise from over 150 markets in the Grant Thornton network, we help you see the bigger picture so that you can make your next move with confidence.
Practical IFRS expertise that delivers
Our experienced technical accountants bring deep knowledge of primary financial statements and related consequential amendments, so that you can navigate the evolving reporting requirements with clarity and confidence.
Hands-on, audit-aligned approach
We combine technical accounting expertise with proven programme delivery skills to prepare clear, audit-aligned documentation and technical memos, reducing iteration and supporting a smoother sign-off process.
We keep you moving forward
With a strong understanding of the regulatory expectations, we help you implement IFRS 18 efficiently and confidently – keeping your reporting on track as standards evolve.
Chetan Hans
Partner – Head of CFO Advisory
Avinash Musti
Partner - Audit and Assurance
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