BC418 The IASB decided to require an entity on initial application to disclose in its annual financial statements a reconciliation between each item in the statement of profit or loss in accordance with IFRS 18 and each line item presented in accordance with IAS 1. An entity is required to disclose the reconciliation for the comparative period immediately preceding the period in which IFRS 18 is first applied. The IASB concluded that changes to the structure of the statement of profit or loss required by IFRS 18 would make it difficult for users of financial statements to analyse trends without a reconciliation to the amounts presented before the implementation of IFRS 18. The IASB decided this requirement would replace the requirement in paragraph 28(f) of IAS 8 requiring an entity to disclose the amount of the adjustment for each line item affected if initial application of any IFRS Accounting Standard has an effect on the current or any prior period.
BC419 The IASB also decided not
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