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 held a webinar on Monday 29 July 2024 to discuss the key requirements of IFRS 18 Presentation and Disclosure in Financial Statements and its implications. This event featured a presentation by IASB Member Nick Anderson on the main requirements of IFRS 18 and a discussion of the key issues by a panel of preparers and a user of accounts. The UKEB also shared the timeline and planned activities for its endorsement work of IFRS 18.
A recording of this webinar is available here.
The slide deck used for this webinar is also available and can be found here.
The UKEB has launched surveys for UK users and preparers of financial statements to gather their views on IFRS 18. The surveys have been closed on 30 September 2024. The information collected from this survey is intended to help the UKEB assess the impact of IFRS 18 on UK organisations adopting the Standard if it were adopted for use in the UK. Responses will be used by the UKEB as evidence for the assessment of the endorsement and adoption of IFRS 18.
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 IFRS18@endorsement-board.uk.
For further updates on UKEB projects, you can subscribe to our newsletters and alerts by emailing IFRS18@endorsement-board.uk and putting SUBSCRIBE in the subject.
Meetings related to the endorsement of IFRS 18 are as follows: