The P&L changes in 2027. Your comparative year is already running.
IFRS 18 and SFRS(I) 18 apply from 1 January 2027 and Ind AS 118 is expected from 1 April 2027, each with restated comparatives. In the US, ASU 2024-03 adds expense disaggregation from the same year. Pick your framework at the top of the page to see your dates.
- Countdown and checklist for your framework
- Free readiness session on your own chart of accounts
- Tracker built into FinConso
What's coming your way
The P&L changes from 2027. IFRS 18, ASU 2024-03, Ind AS 118 and SFRS(I) 18.
IFRS 18 replaces IAS 1 from 1 January 2027, SFRS(I) 18 follows the same date, and Ind AS 118 is expected from 1 April 2027, once the MCA notifies it. Each needs restated comparatives, so the comparative year is the one you are booking now. Most groups are building it with none of the new classification attached, which means someone reclassifies it by hand later.
ASU 2024-03 requires public business entities to disaggregate specified expense captions in the notes, for annual periods beginning after 15 December 2026 and interim periods after 15 December 2027. Expenses need tagging by nature before that first year starts.
until 1 January 2027, when IFRS 18 and SFRS(I) 18 apply
78% of your comparative year has already been booked without the new categories.
What changes
- 01Five categories in the statement of profit and loss: operating, investing, financing, income taxes and discontinued operations
- 02Two new subtotals: operating profit, and profit before financing and income taxes
- 03Management-defined performance measures disclosed and reconciled
- 04Operating profit becomes the starting point for the indirect cash flow
- 01Relevant expense captions disaggregated into purchases of inventory, employee compensation, depreciation, intangible asset amortisation and DD&A
- 02A qualitative description of amounts not separately disaggregated
- 03Total selling expenses disclosed, with your definition of selling expenses
- 04Disclosure in interim periods as well as annual
What you should be doing now
Tick what your team has already done.
0 of 3 done. The comparative year is still accumulating without the new categories. A readiness session maps your chart of accounts to the five categories on your own data.
Built into FinConso
The IFRS 18 tracker tags every account to its category as the year runs, under whichever framework each entity reports in, and produces the restated comparatives, new subtotals and reconciliations.
Capability stories
How FinConso handles the transition.
IFRS 18 and its equivalents: your comparative year is already running
Why standards that apply from 2027 need work in the year you are booking now, under IFRS 18, SFRS(I) 18 and Ind AS 118.
Read the capability →Multi-GAAP reporting without parallel ledgers
How to keep each subsidiary in its local framework and the group in the parent's, with one bridge between them.
Read the capability →FAQ
IFRS 18 questions
Anything else, ask us in the demo. You will be talking to the people who build it.
When do the new standards apply?
IFRS 18 and SFRS(I) 18 from 1 January 2027, and Ind AS 118 expected from 1 April 2027 (recommended by NFRA, awaiting MCA notification), all with restated comparatives. ASU 2024-03 applies to annual periods beginning after 15 December 2026 and to interim periods a year later.
What is the main business activity assessment?
Under IFRS 18 and its equivalents, whether an entity's main business is investing in assets or providing finance to customers. It changes where some income and expenses are classified, so it needs deciding and documenting early.
Our subsidiaries report under different frameworks. Where do we start?
Tag accounts once, at the level of the group chart, and map them through the multi-GAAP adjustment layer. The same tagging then serves IFRS 18, Ind AS 118, SFRS(I) 18 and the ASU 2024-03 disaggregation.
How does FinConso help?
The tracker tags every account to its category as the comparative year runs, and produces the restated comparatives, new subtotals, MPM reconciliation and expense disaggregation.
Book a demo
See the consolidation workflow, from trial balance to signed statement.
A 30-minute walkthrough with the people who build FinConso.
- Entities, eliminations, translation, NCI and the multi-GAAP layer, run live on a sample group.
- Every consolidated figure drilled back to the entity and account it came from.
- Questions on IFRS, US GAAP, Ind AS or SFRS(I) answered by the team that builds the product.
- Want to test it on your own numbers? See how the structured pilot works.
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