Learning (IAS 1) What are the requirements of Fair Representation? In virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair representation also requires an entity: 1. To select and apply accounting policies in accordance with IAS 8. IAS 8 sets out a hierarchy of authoritative guidance that management considers in the absence of an IFRS that specifically applies to an item. 2. To present information, including accounting policies in a manner that provides relevant, reliable, comparable and understandable information. 3. To provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance. [Para 17]
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📅 Mark your calendars! From 1 January 2027, IFRS 18 will take over IAS 1, changing how financial statements are presented and disclosed. Early adopters can start now, but remember the required reconciliations for comparative periods. #Accounting #IFRS18 #FinanceNews
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On 1 October our panel of experts will discuss the accounting implications of IFRS 18 as well as the strategic, people, process, controls, data and system impacts. Register here: https://deloi.tt/3TpNT0F
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IFRS 18 can be quite a tricky topic for entities. Depending on the entity's current reporting situation, it can lead to just small refinement changes or quite a significant amount of costly work on systems, procedures and reports. Collaborating with Rihards Paze and our UK team, and engaging in discussions with our clients on this topic, I would like to emphasise the importance of getting acquainted and conducting an comprehensive assessment of the IFRS 18 impact on your entity as early as possible to be well-prepared for what lies ahead.
On 1 October our panel of experts will discuss the accounting implications of IFRS 18 as well as the strategic, people, process, controls, data and system impacts. Register here: https://deloi.tt/3TpNT0F
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#BDO has published International Financial Reporting (IFR) Bulletin 2024/01, which provides a summary of the current state of #IFRS Accounting Standards as at 31 December 2023. If you want to know which standards are newly effective, which standards are 'coming soon' and what else the IASB is working on, this publication is a great summary.
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📅 Mark your calendars! From 1 January 2027, IFRS 18 will take over IAS 1, changing how financial statements are presented and disclosed. Early adopters can start now, but remember the required reconciliations for comparative periods. #Accounting #IFRS18 #FinanceNews
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I am Virendra, an experienced freelancer specializing in Internal Audits and Risk Advisory.
The International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure in Financial Statements in April 2024. This standard supersedes IAS 1, Presentation of Financial Statements, and will take effect for accounting periods beginning on or after January 1, 2027. IFRS 18 promotes a more structured income statement, introduces a newly defined ‘operating profit’ subtotal, and requires income and expenses to be allocated between three distinct categories based on a company’s main business activities1.
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I am Virendra, an experienced freelancer specializing in Internal Audits and Risk Advisory.
The International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure in Financial Statements in April 2024. This standard supersedes IAS 1, Presentation of Financial Statements, with effect from accounting periods beginning on or after 1 January 2027. IFRS 18 aims to promote a more structured income statement by introducing a newly defined ‘operating profit’ subtotal and requiring all income and expenses to be allocated between three distinct categories based on a company’s main business activities1.
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I am Virendra, an experienced freelancer specializing in Internal Audits and Risk Advisory.
The International Accounting Standards Board (IASB) issued IFRS 18, Presentation and Disclosure in Financial Statements in April 2024. This standard supersedes IAS 1, Presentation of Financial Statements, with effect from accounting periods beginning on or after 1 January 2027. IFRS 18 promotes a more structured income statement, introduces a newly defined ‘operating profit’ subtotal, and requires income and expenses to be allocated between three distinct categories based on a company’s main business activities. It will impact companies across all industries preparing financial statements under IFRS Accounting Standards1. 📊 Shree Samruddhi -8951704857
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The International Accounting Standards Board (IASB) issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024, with an effective date from 1 January 2027. Companies are permitted to apply the new standard before that date. IFRS 18 aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss. IFRS 18 replaces IAS 1 Presentation of Financial Statements. Requirements in IAS 1 that are unchanged have been transferred to IFRS 18 and other Standards. IFRS 18 will affect all companies in all industries. Although IFRS 18 will not affect how companies measure financial performance, it will affect how companies present and disclose financial performance. To read more, please click on this link: https://lnkd.in/ePqFqQRA
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All entities reporting under IFRS Accounting Standards will be impacted by the new standard IFRS 18 "Presentation and Disclosure in Financial Statements". The level of operational change required by the new standard should not be underestimated, entailing possible system and process revisions, so entities should start thinking about the challenges as soon as possible to be ready for the adoption. https://lnkd.in/eU-Mv_6Q