BC421 Paragraph 10 of IAS 34 Interim Financial Reporting requires an entity to present, at a minimum, the same headings and subtotals as in the most recent annual financial statements. In the first year of application, an entity might have different subtotals in its statement of profit or loss in its most recent annual financial statements from those required by IFRS 18. Consequently, the IASB decided that in the first year of applying IFRS 18, an entity presents the headings and subtotals required by IFRS 18 in condensed financial statements in interim financial reports. Presenting the subtotals required by IFRS 18 will provide useful information to users of financial statements.
BC422 The IASB decided to require an entity to disclose, as part of the information required by paragraph 16A(a) of IAS 34, a reconciliation for the comparative period and the cumulative comparative period immediately preceding the period in which IFRS 18 is first applied for each line item presented in the s
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