Presentation of Financial Statements (IFRS18)
Presenters : Carmen Westermeyer CA(SA)
Overview
The issuance of IFRS 18- Presentation and Disclosure in Financial Statements marks a significant advancement in financial reporting, aiming to enhance transparency, comparability, and clarity in financial statements. This new standard introduces revised requirements for the presentation and disclosure of financial information, impacting all entities that prepare financial statements under IFRS.
Join Caryn Maitland CA(SA) for an insightful session on IFRS 18 – Presentation and Disclosure in Financial Statements, where you’ll gain the knowledge and practical tools needed to effectively implement the new standard and enhance the quality of your financial reporting.
Learning objectives
Attending this webinar will equip you with the following skills:
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Gain insights into the purpose of the new standard and its role in enhancing financial reporting.
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Recognise the significant differences between IFRS 18 and the former IAS 1, including new presentation and disclosure requirements.
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Learn how to structure financial statements in compliance with IFRS 18, including the classification of income and expenses into operating investing and financing categories.
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Understand the expanded disclosure requirements aimed at providing more detailed information to users of financial statements.
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Develop strategies to effectively transition to IFRS 18 and address potential challenges during implementation.
Content
The webinar will cover the following topics:
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Introduction to the IFRS 18
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Background and Development: Overview of the reasons behind the introduction of IFRS 18 and its development process.
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Scope and Applicability: Entities affected by the new standard and effective date for implementation.
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Key Changes from IAS 1
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New Presentation Requirements: Introduction of the classification of income and expenses into operating, investing, and financing categories, and the presentation of subtotals for opening profit or loss and profit or loss before and income taxes.
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Enhanced Disclosure Requirements: Additional information to be disclosed in the notes to the financial statements to improve transparency.
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Practical examples of how these characteristics are applied.
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Practical Application of IFRS 18
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Structuring Financial Statements: Guidance on preparing the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows under IFRS 18.
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Classification of Income and Expenses: Detailed discussion on the criteria for classifying items into operating, investing, and financing categories.
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Disclosure Requirements
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Notes to the Financial Statements: Understanding the expanded disclosures required, including significant judgments, estimates, and policies.
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Comparative Information: Requirements for presenting comparative information and handling reclassifications.
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Transition to IFRS 18
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Effective Date and Early Adoption: Information on when IFRS 18 becomes effective and the possibility of early adoption.
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Transition Guidance: Steps and considerations for transitioning from IAS to IFRS 18, including retrospective application and disclosure of the impact of the changed.
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