INTERNATIONAL Finance Reporting Standards (IFRS) 18: Presentation and Disclosure, the latest brainchild of the International Accounting Standards (IAS) Board, will take effect on Jan. 1, 2027. For decades, IAS 1 has guided the financial reporting practices of companies worldwide. But since the business landscape has evolved, so, too, has the need for a more intricate framework. Enter IFRS 18 — a new standard that promises to be more precise, more definitive and ultimately more useful for investors, lenders and other stakeholders.

But with these sweeping changes come important questions: Are we ready for the new standard? And what price will we pay for greater transparency?

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