The IASB met on October 25, 2023, to discuss sweep issues identified in drafting IFRS 18 Presentation and Disclosure in Financial Statements related to aggregation and disaggregation and other topics. The IASB tentatively decided to require an entity to present a line item for cost of sales separately from any other expenses classified by function in the statement of profit or loss only if the entity classifies operating expenses by function that include cost of sales. The IASB also tentatively decided to clarify that for the statement of financial position an entity uses the characteristics of duration and timing of recovery and settlement to classify assets and liabilities as either current or non-current and the characteristic of liquidity to classify assets and liabilities by order of liquidity the characteristics of nature and function to aggregate assets and liabilities into separate line items. Finally, it tentatively decided to provide no transitional relief from retrospective application of IFRS 18 for any earlier periods than the annual period immediately preceding the initial period of application.

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