Ind AS 118: Presentation and Disclosure in Financial Statements - CA. Jinal Arpit Patel The article issued in line with IFRS 18 to replace Ind AS 1 from April 1, 2027. The new standard aims to enhance the clarity, comparability, and communication of financial performance through improved presentation and disclosure requirements. Key highlights include the introduction of new subtotals in the statement of profit or loss, Management-Defined Performance Measures (MPMs), and robust principles for aggregation and disaggregation to avoid obscuring material information. It also allows flexibility in classifying expenses by nature or function, with additional disclosures required for transparency. The proposed Ind AS 118 marks a significant stride towards global alignment, ensuring that Indian financial statements provide structured, meaningful, and comparable insights for users and stakeholders.