Key Takeaways
- IFRS 18 Presentation and Disclosure in Financial Statements is expected to improve comparability, but will require significant implementation effort
- Management-defined performance measures (MPMs) will be more transparent, but may create interpretation challenges
- Technology and evolving user needs are reshaping how financial information is prepared and consumed
Overview
On June 3, 2026, the AcSB hosted two panel discussions about:
- IFRS 18 Presentation and Disclosure in Financial Statements – Challenges and Expectations; and
- The Future of Financial Reporting.
We brought together standard setters, securities regulators, financial statement preparers, and users to discuss the implementation of IFRS 18 and the continuing evolution of corporate reporting.
Who We Heard From
Our IFRS 18 panel was moderated by Andrew White, Associate Director, Accounting Standards.
Panellists included:
- Hagit Keren, IASB Board member;
- Brian Banderk, Chief Accountant, Alberta Securities Commission;
- Howard Leung, Senior Analyst, Fiera Capital; and
- Gary Hum, Vice-President, Financial Reporting, Fairfax Financial.
Our Future of Financial Reporting panel was moderated by Katharine Christopoulos, Director, Accounting Standards.
Panellists included:
- Rika Suzuki, IASB Board member;
- Anita Cyr, Chief Accountant, British Columbia Securities Commission;
- Andre Besson, Head of Group Financial Reporting Guidelines, Nestlé; and
- Erin Greenfield, President and Portfolio Manager, Greenfield Investment Management.
What We Heard
IFRS 18 – Challenges and Expectations
Better structure is expected to improve comparability under IFRS 18
A key theme from the IFRS 18 discussion was the importance of presenting financial performance in a more consistent and comparable way. IFRS 18 introduces a clearer structure for the statement of profit or loss, including defined categories and subtotals, to provide investors with a more consistent starting point for analysis.
Greater consistency – particularly in operating profit and the classification of expenses – will help users analyze financial performance. Additional detail about expenses is also expected to support a better understanding of an entity’s cost structure.
At the same time, judgment will continue to play an important role, and some differences in practice are expected.
MPMs remain a focal point
MPMs were a significant area of discussion. IFRS 18 brings certain measures used by management into the audited financial statements and requires explanation and reconciliation. The objective is to make these measures more transparent and better connected to the financial statements. This should help users understand how management views performance and how those measures relate to reported results.
The discussion also highlighted a possible expectation gap. Because MPMs will appear in audited financial statements, some users may assume they carry a level of assurance or endorsement that goes beyond what IFRS 18 requires. Users need to consider these measures carefully as part of their analysis.
Implementation will extend well beyond presentation
Although IFRS 18 focuses on presentation and disclosure, its implementation is expected to affect more than the face of the financial statements. Entities may need to update charts of accounts, internal reporting processes, data systems, and related controls.
The discussion reinforced that IFRS 18 is not simply a formatting exercise. Successful implementation will require planning, coordination, and sustained effort across different parts of an organization.
Readiness and communication will be critical
Entities are at different stages of readiness for IFRS 18. Progress may depend on size, complexity, and available resources. Smaller companies may face challenges related to systems, data, and internal capacity.
Clear communication will be important throughout the transition. Entities should explain the expected effects of IFRS 18, including changes to presentation and performance measures, so users, boards, and audit committees understand what is changing and why it matters.
The Future of Financial Reporting
Financial statements remain the foundation of corporate reporting
Looking beyond IFRS 18, panellists emphasized that financial statements remain the foundation of corporate reporting. They provide consistent, credible information that supports comparison and helps investors make decisions.At the same time, financial statements are one part of a broader reporting ecosystem. Entities communicate through a range of reports and channels, making it important that information is clearly connected across sources.
Technology is reshaping both preparation and consumption
Technology is changing both how financial information is prepared and how it is used. Preparers are using digital tools to manage growing reporting demands and strengthen internal processes, while users are increasingly relying on data platforms, aggregators, and AI-generated summaries.
In this environment, clear and well-structured reporting is even more important to ensure information is accessible and accurately interpreted.
Although continuous reporting is not expected in the near term, there is growing pressure for entities to report more quickly and reduce the time between period-end and publication.
The challenge of disclosure remains
Disclosure overload remains an ongoing concern. Even as technology improves, reporting is useful only when the information provided is relevant, well organized, and capable of supporting decision-making.
Entities need to remain focused on providing useful information, rather than simply increasing the volume of disclosure. They should consider whether additional disclosure provides benefits that justify the related cost and complexity.
Balancing change with stability
A recurring theme across both panels was the need to balance change with stability. Financial reporting must continue to evolve as business and technology change, while remaining clear, consistent, and practical to apply.
Panellists observed that principles-based standards can support this balance because they can be applied across different industries and circumstances. However, careful application remains important to avoid unnecessary subjectivity or inconsistency.
Global comparability remains essential
Despite geopolitical uncertainty and economic fragmentation, global comparability remains essential. Capital markets and investors operate across borders, and a common reporting language supports transparency and confidence.
Differences between reporting frameworks can make comparison more difficult, particularly when information is analyzed through data platforms. Maintaining alignment where possible supports better investment decisions and confidence in capital markets.
Looking Ahead
Across both panels, one message was clear: Financial reporting must continue to evolve while remaining focused on its core purpose – providing credible, comparable, and decision-useful information.
In the near term, this means supporting the successful implementation of IFRS 18. Over the longer term, it means responding to new technologies, evolving user needs, and a more complex global environment, while preserving the trust and discipline that underpin high-quality financial reporting.
Continued dialogue among standard setters, regulators, preparers, and users will be important to achieving this balance and supporting high-quality reporting in Canada and internationally.
Listen on Demand
Explore the full panel discussions to hear directly from standard setters, regulators, preparers, and users:
Review the transcriptions from these audio recordings: