The following pronouncements issued by the IASB and endorsed by UKEB are relevant to the Group and effective for annual periods beginning on or after 1 January 2026. The Group’s financial statements will be presented in accordance with these requirements, which are not expected to have a material impact on the consolidated results, financial position, or cash flows of the Group.
- Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments
- Annual Improvements to IFRS Accounting Standards – Volume 11
- IFRS 18 – Presentation and Disclosure in Financial Statements – IFRS 18 will replace IAS 1 ‘Presentation of Financial Statements’ and become effective on 1 January 2027. IFRS 18 will introduce new requirements on presentation and disclosure in the financial statements, with a focus on the income statement and reporting of financial performance. Income and expenses in the income statement will be classified into five categories – operating, investing, financing, income taxes and discontinued operations. Two new subtotals will be presented: ‘Operating profit or loss’ and ‘Profit or loss before financing and income tax’. IFRS 18 will also require disclosures about management-defined performance measures in the financial statements and disclosure of information based on enhanced general requirements on aggregation and disaggregation. The Group will apply the new standard in its 31 March 2028 financial statements. Retrospective application is required, and so the comparative information for the financial year ending 31 March 2027 will be restated in accordance with IFRS 18.
The Group has assessed the impact of IFRS 18 and notes that there is not expected to be a material impact on line items within the income statement. The Group has considered the IFRS 18 guidance on aggregated and disaggregated information and is not anticipating any changes to the Group Balance Sheet.