IFRS 18 Presentation & Disclosure in Financial Statements
Description
IFRS 18 Presentation and Disclosure in Financial Statements is a new IFRS Accounting Standard issued in April 2024. It replaces IAS 1 Presentation of Financial Statements with effect from 1 January 2027. IFRS 18 focuses on improving information in the statement of financial performance and affects companies in all industries, including banks and financial institutions.
Andreas Barckow, IASB Chair, said:
"IFRS 18 represents the most significant change to companies’ presentation of financial performance since IFRS Accounting Standards were introduced more than 20 years ago. It will give investors better information about companies’ financial performance and consistent anchor points for their analysis."
Content
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Overview of IFRS 18
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How IFRS 18 improves communication of financial performance
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Presentation of new defined subtotals
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Disclosure of management-defined performance measures
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Grouping (aggregation and disaggregation) of information
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Examples of statement of financial performance for entities with and without specified main business activities
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Amendments to IAS 7 Statement of Cash Flows
Presenter
Saket ModiExpert Trainer at the School of International Financial Services |
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Saket Modi is a financial trainer and consultant based out of London. He has developed and facilitated workshops for finance professionals from over 50 countries in Europe, Africa, Americas, Middle East and Asia. Saket specializes in financial reporting and analysis (IFRS/IPSAS)\, including financial instruments and insurance accounting. He has spent considerable time working, advising and training in matters relating to IFRS, and delivered workshops for corporates, banks and similar financial institutions, public sector organisations, and professional services firms. Saket has written material on IFRS Accounting for Financial Instruments for Institute of Chartered Accountants in England and Wales and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present on IFRS 9 at their board meeting in New York. In addition, he has spoken at conferences and events organized by professional bodies and management associations. Saket has previously worked with Lloyds Bank, Ernst & Young and PricewaterhouseCoopers. In addition to being a member of the Institute of Chartered Accountants of India, Saket holds IFRS certificate from the Institute of Chartered Accountants in England and Wales (ICAEW) and IPSAS Diploma from the Chartered Institute of Public Finance and Accountancy (CIPFA). He has an MSc in Multinational Accounting and Financial Management from UK and is a CFA® charterholder. |