IFRS 18 Presentation and Disclosure in Financial Statements

Apr 22, 2024
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The International Accounting Standards Board (IASB) in conjunction with the Education Committee and the Financial Reporting Standards Committee of the European Accounting Association (EAA) is glad to announce an education workshop aiming to provide an overview of IFRS 18 Presentation and Disclosure in Financial Statements, to be published on 9 April 2024.

When: April 22, 2024, 14.00-16.00 (CET)

 

The purpose of the session is to inform academics involved in teaching Financial Reporting modules on the new requirements in IFRS 18 coming into effect on 1 January 2027. The session also aims to stimulate academic discussion and research that will be useful for the post-implementation review of IFRS 18.

 

The workshop will be structured in three sections: 1) New defined subtotals in the statement of profit or loss; 2) Requirements for aggregation and disaggregation, and 3) Management-defined performance measures. Each section will include a short presentation by IASB member Ann Tarca and IASB staff members Anne McGeachin and Juliane-Rebecca Upmeier followed by questions and comments from the audience.

 

Session Moderator: Anastasia Kopita (EAA Education Committee Chair)

 

Ann Tarca is an IASB member in her second term. Prior to joining the IASB in 2017 she was Professor of Accounting at the University of Western Australia. She was a member of the Australian Accounting Standards Board from 2013-2016.

 

Anne McGeachin is a member of the IASB Technical Staff and has been working on the Primary Financial Statements project for the past four years.  She has been with the IASB for over twenty years, with a four year gap during which she was a senior lecturer in Accountancy and Finance at Aberdeen University.

 

Juliane-Rebecca Upmeier is a member of the IASB Technical Staff and has been working on the Primary Financial Statements project for the past three years.

In addition, Juliane-Rebecca Upmeier is currently involved in implementing the presentation and disclosure requirements in IFRS 18 within the IFRS Accounting Taxonomy.

Before joining the IFRS Foundation, Juliane-Rebecca Upmeier gained experience in the Accounting Policies departments of two German corporations.

General information on the new IFRS Accounting Standard:

 

The new IFRS Accounting Standard will set out requirements on presentation and disclosures in financial statements and will replace IAS 1 Presentation of Financial Statements. The new IFRS Accounting Standard will:

  • require presentation of two new defined subtotals in the statement of profit or loss—operating profit and profit before financing and income taxes. These subtotals would create a consistent structure for the statement of profit or loss, thereby improving comparability among companies.
  • require disclosure of management-defined performance measures—subtotals of income and expenses not specified by IFRS Accounting Standards that are used in public communications to communicate management’s view of an aspect of a company’s financial performance. To promote transparency, a company will be required to provide a reconciliation between these measures and totals or subtotals specified by IFRS Accounting Standards.
  • enhance the requirements for aggregation and disaggregation to help a company to provide useful information. These requirements include general principles for aggregation and disaggregation and specific requirements for disaggregation of items labelled ‘other’, presentation of operating expenses in the statement of profit or loss and disclosure of specified expenses by nature included in line items in the operating category of the statement of profit or loss.
  • require limited changes to the statement of cash flows to improve comparability by specifying a consistent starting point for the indirect method of reporting cash flows from operating activities and eliminating options for the classification of interest and dividend cash flows.

 

Links to useful materials are available here:

 

Register here!

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Education Committee
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EAA event
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