IFRS 18 in detail

IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Preparation and Disclosure of Financial Statements. It adopts many of the requirements of IAS 1 without change and adds new requirements. In addition, some paragraphs of IAS 1 have been moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB has also made minor amendments to IAS 7 Cash Flow Statements and IAS 33 Earnings per Share. The new IFRS 18 standard will be effective from 2027, but reporting requires a retrospective approach, i.e., comparative information must be prepared for 2026.

Who are the intended participants?

• Accounting staff in charge of the preparation of financials statements under IFRS
• Reporting staff dealing with the preparation of reporting packages under IFRS for the purposes of group consolidation
• Employees of companies getting ready for transition to IFRS
• Others who come across financial statements prepared under IFRS and need to have a basic knowledge of the main principles of IFRS
• All who want to understand the basic differences between IFRS and Czech accounting standards

Programme

• Reasons for the issuance of the new standard
• Main changes introduced by IFRS 18:
  • Change in the structure of the income statement
  • New information in the notes relating to the measurement of performance defined by company management
  • New principles for combining and separating reported information
• Related changes to other standards (IFRS 7, IAS 7, IAS 8, and IAS 33)
• What to focus on when implementing the standard