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IFRS Developments Issue 248: IFRS 18-Agenda decisions
Summary of four new developments related to IFRS 18 Presentation and Disclosure in Financial Statements and some other related developments.
IFRS 18 is effective for reporting periods beginning on or after 1 January 2027. As entities are preparing for the transition to the new accounting standard, various practical application topics have been submitted to the IFRS Interpretations Committee (IFRS IC) for consideration. The resulting new agenda decisions do not amend IFRS 18 but provide clarification on the application of the Standard.
As a result of the publication of IFRS 18, existing IFRS IC agenda decisions which referred to IAS 1 Presentation of Financial Statements were assessed to consider whether they needed to be either withdrawn in their entirety as the requirements contained in them have been superseded, or an amended reference to the relevant paragraphs of IFRS 18 would suffice.
Four new submissions concerning the application of IFRS 18 have been received by the IFRS IC. These are in the preliminary research phase.