Income Statement Changes a ‘Fundamental’ Shift, Rulemaker Says

Upcoming changes to the International Accounting Standards Board’s rules for companies’ income statements are poised to reshape a “fundamental” standard, the board’s head said in a speech Monday.

The changes are designed to give investors better information about a company’s financial performance, IASB chair Andreas Barckow said at the World Standard-setters Conference in London. From 2027, IFRS 18 will replace the first full international accounting standard introduced in 1975, IAS 1 Presentation of Financial Statements.

• The board is on the “home stretch” with IFRS 18, Barckow said. It “will affect all companies and will improve the information companies provide ...