The AASB has issued AASB 18 Presentation and Disclosure in Financial Statements in June 2024 to improve how entities communicate in their financial statements, with a particular focus on information about financial performance in the statement of profit or loss.

The key presentation and disclosure requirements established by AASB 18 are:

• the presentation of newly defined subtotals in the statement of profit or loss;
• the disclosure of management-defined performance measures; and
• enhanced requirements for grouping information (i.e. aggregation and disaggregation).

These new requirements will enable investors and other financial statement users to make more informed decisions, including better allocations of capital, that will contribute to long-term financial stability.

AASB 18 will replace AASB 101 Presentation of Financial Statements.

How TSNL Can Help

Transition Support
We guide your business through the transition to AASB 18, ensuring a seamless and efficient implementation tailored to your specific operations.

First-Year Compliance
We prepare or review your financials for the first year of adoption, including a detailed analysis of the standard’s impact on your financial statements, performance metrics, and key ratios.

Ongoing Compliance
Our team provides continuous support to keep you up to date with any amendments or future changes to AASB 18, helping you maintain full compliance year after year.