Is Your Organization IFRS 18 Strategy Ready?
Is Your Organization IFRS 18 Strategy Ready?
IFRS 18 Presentation and Disclosure in Financial Statements will become effective on 1 January 2027. This new reporting standard requires comparative restatement for reporting periods beginning on or after 1 January 2026.
BDO has developed an IFRS 18 Readiness Check which outlines some of the main risks, readiness considerations and practical support options to help you navigate these changes confidently.
For more information, contact our Financial Accounting Advisory Services team at BDO FAAS.
What Is IFRS 18?
IFRS 18 supersedes IAS 1 Presentation of Financial Statements and has resulted in numerous consequential amendments to IFRS® Accounting Standards. IFRS 18 is expected to impact all entities, across all industries.What Will Change with IFRS 18?
IFRS 18 introduces significant changes to numerous requirements, primarily how an entity:- presents its statement of profit or loss, including the classification of income and expenses and new mandatory subtotals;
- aggregates and disaggregates information disclosed in financial statements; and
- discloses information about management-defined performance measures.
Why Start Preparing Now?
Implementing IFRS 18 may require adjustments to systems, processes, and reporting. Early preparation is crucial for a smooth transition. Ensuring your systems can deliver the required data may prove challenging, so starting now is key.BDO has developed an IFRS 18 Readiness Check which outlines some of the main risks, readiness considerations and practical support options to help you navigate these changes confidently.
For more information, contact our Financial Accounting Advisory Services team at BDO FAAS.
