From hlb.com.au: AASB 18 will significantly alter the income statement by enforcing a structured approach to the presentation of financial performance, enhancing consistency, comparability, and transparency across entities.

The standard, effective for for-profit entities from January 1, 2027, introduces defined categories for income and expenses, new subtotals, and requirements for management-defined performance measures.

Entities must apply the standard retrospectively, restating comparative information and providing reconciliations for initial adoption in their financial statements.