IFRS 18 Presentation and Disclosure in Financial Statements was published by the International Accounting Standards Board (IASB) on 9 April 2024. IFRS 18 will be effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted.
IFRS 18 includes new requirements for presentation and disclosure in the financial statements, with a focus on the income statement. The IASB developed these requirements in its Primary Financial Statements (PFS) project. The IASB undertook this project in response to investors' concerns about the comparability and transparency of companies’ performance reporting.
In December 2019, the IASB published the Exposure Draft ED/2019/7 General Presentation and Disclosures (ED). The UKEB Secretariat response to the ED was submitted in September 2020. The UKEB Secretariat’s Feedback Statement (published in October 2020) summarises the outreach work undertaken, stakeholder views, and the final position on the proposals in the ED.
Refer to this project webpage for details of the UKEB’s influencing project on the ED.
IFRS 18 is expected to:
We have published a series of webcasts explaining the main requirements of IFRS 18.
The UKEB and the IASB are jointly holding a webinar to introduce the requirements of IFRS 18 Presentation and Disclosure in Financial Statements and understand its potential impact if adopted for use in the UK. This webinar will take place on Monday 29 July 2024.
The IASB will present key IFRS 18 topics followed by a discussion with a panel of preparers and a user, hosted by the UKEB. This webinar is an important opportunity to engage in this debate. We invite UK stakeholders to attend the webinar to provide their views and ask questions.
To attend please register your details. If you are unable to join this webinar live, a recording will be made available on our website.
The UKEB has launched surveys for UK users and preparers of financial statements to gather their views on IFRS 18. The surveys take around 20–40 minutes to complete (depending on stakeholders’ familiarity with IFRS 18). Stakeholder comments are welcome until 6 September 2024.
If you have any questions regarding the surveys feel free to contact us at contact@endorsement-board.uk.
More detailed information on other planned outreach activities will be published in due course. If you would like to contribute to outreach work on this project, please email ukendorsementboard@endorsement-board.uk.
For further updates on UKEB projects, you can subscribe to our newsletters and alerts by emailing contact@endorsement-board.uk and putting SUBSCRIBE in the subject.
Meetings related to the endorsement of IFRS 18 are as follows: