IFRS 18 is the new ‘presentation of financial statements’ standard, replacing IAS 1. The effective date of IFRS 18 is for financial periods that begin on or after 1 January 2027.

This standard guides you in terms of the concepts that underlie all IFRS standards and set out the principles that embody an IFRS based set of financial statements.

IFRS 18 also lays out what makes up a set of IFRS based financial statements, and the minimum content requirements within each such statement except for the statement of cash flows dealt with separately under IAS 7.

• Highlight the core principles to be borne in mind when preparing financial statements
• Objective and scope
• General requirements for financial statements
• Aggregation and disaggregation
• Identify what makes up a complete set of financial statements
• Simplify the requirements for preparing each statement, including identifying any accounting policy elections (statement of cash flows is excluded)
• Statement of profit and loss
• Statement presenting comprehensive income
• Statement of financial position
• Statement of changes in equity
• Describe the minimum expected content / line items within each statement (statement of cash flows is excluded)
• Determine what is required to be included in the notes to the financial statements, which may include accounting policy related disclosures
• Demonstration of an illustrative set of IFRS 18 based financial statements (if available)
• Help you identify when the new standard becomes effective and the old IAS 1 standard is replaced
• Simplify the IFRS 18 standard requirements and principles
• Inform you as to the minimum expected content within each relevant statement that makes up a full set
• Identify and simplify any accounting policy elections that may arise
• Demonstrate an illustrative set of IFRS 18 financial statements (if available)