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Under the new requirements of MFRS 18, items of income and expense are not classified based on their own nature, but rather they are classified based on the nature of the asset, liability or transaction from which they are derived. For example, take impairment. Where previously this may have been presented as a non-operating item, under MFRS 18 impairment losses related to assets such as property, plant and equipment (PPE) and trade receivables will have to be classified in the operating category. Whereas (unless an entity invests as a main business activity) impairment related to other specified assets such as investments in associates or joint ventures will have to be classified in the investing category.
This publication series sets out a high-level overview of MFRS 18’s new requirements, along with practical insights into the application challenges. In this series we will be looking at the classification of income and expenses.
How we can help
We hope you find the information in this article helpful in giving you some insight into aspects of MFRS 18. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact.
