THE CHALLENGES OF INTERNATIONAL FINANCIAL REPORTING STANDARD 18 APPLICATION

Abstract

International financial reporting standards are constantly in a process of dynamic change, which stems from the information requirements of external users. In particular, currently, improvements in the reporting of business profit and loss are being emphasized, which will be regulated by the IFRS 18 standard, which will come into force in 2027. However, on the other hand, the application of this standard raises a number of challenges in the field of disclosures of profit and loss formation, which are discussed in this study. In particular, the features of the disclosures presented by the IFRS 18 standard and the ways of their application in organizations are interpreted.