The Malta Institute of Accountants

Log in

The Malta Institute of Accountants is a member body of the IFRS Foundation.

New IFRS Accounting Standard – IFRS 18

The International Accounting Standards Board (IASB) completed its work to improve the usefulness of information presented and disclosed in financial statements. The new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, will give investors more transparent and comparable information about companies’ financial performance, thereby enabling better investment decisions.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, but it can be applied earlier. IFRS 18 replaces IAS 1 Presentation of Financial Statements.

ISSB publishes its digital sustainability taxonomy, helping investors analyse sustainability disclosures efficiently

The International Sustainability Standards Board (ISSB) has published the IFRS Sustainability Disclosure Taxonomy (ISSB Taxonomy), to enable investors and other capital providers to analyse sustainability-related financial disclosures efficiently.

Use of the ISSB Taxonomy by companies will enable investors to search, extract and compare sustainability-related financial disclosures as ISSB establishes its global baseline of Standards.

The Taxonomy reflects IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, IFRS S2 Climate-related Disclosures and their accompanying guidance.

IFRS Foundation and EFRAG publish Interoperability Guidance

The IFRS Foundation and the European Financial Reporting Advisory Group (EFRAG) have published guidance material to illustrate the high level of alignment achieved between the International Sustainability Standards Board's IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS) and how a company can apply both sets of standards, including detailed analysis of the alignment in climate-related disclosures.

The document has been designed to reduce complexity, fragmentation and duplication for companies applying both the ISSB Standards and ESRS.