IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027.
Our ‘Insights into IFRS 18’ series explains the new requirements of IFRS 18, highlighting some areas of the standard that we believe will be challenging to apply in practice. They also aim to help users of IFRS financial statements to understand how financial statements will change when applying the new Standard.
This article provides a high-level snapshot of the new requirements of IFRS 18.
INSIGHTS INTO IFRS 18
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ was issued by the International Accounting Standards Board (IASB) in April 2024. IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning onor after 1 January 2027.
