Latest Developments around presentation of Financial Statements (New IFRS 18)
Overview
Your primary financial statements may look different in future
The International Accounting Standards Board (IASB) is expected to issue a new IFRS Accounting Standard (expected to be IFRS 18) in the first half of 2024. IFRS 18 will significantly update the requirements for financial statement presentation, and replace IAS 1 Presentation of Financial Statements.
The aim of IFRS 18 is to improve the comparability of financial performance between entities. For example, some entities present ‘operating profit’ in their statement of profit or loss, and others do not, while those that do may define it differently. In addition, some entities disclose management financial performance measures outside the financial statements, which may be defined differently to statutory profit measures.
Learning Outcomes:
This session aims to provide attendees with the ability to explain:
- Why the change;
- New classification of income and expenses;
- More line items and sub-totals in the statement of profit or loss;
- Labelling, aggregation and disaggregation;
- Amendments to IAS 7;
- Management performance measures;
- Which requirements of the IAS 1 are not changing; and
- What these changes mean in practice.
Suited to:
Auditors, CEOs, CFOs, Board Members, Financial Controllers, Finance Teams, Accountants involved in the preparation of financial reports.
This On Demand Includes:
- Recording of the Live Webinar, which can be viewed multiple times
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
- CPD Quiz
- CPD Certificate
Course syllabus
3 lessons
- Video – Latest Developments around presentation of Financial Statements (New IFRS 18)Video
- Feedback Survey 2024Survey
- Knowledge QuizTest
Your presenter
Aletta BoshoffBDO Australia
is an Advisory Partner and National Leader of IFRS & Corporate Reporting, as well as the National Leader of Sustainability & ESG, at BDO in Australia. Aletta has over 30 years’ experience in financial reporting and accounting, including IFRS. Aletta has lectured on financial accounting and reporting at various Australian and South African universities. As an Associate Professor, she authored various financial reporting and accounting textbooks. Aletta also spent a number of years as a Project Manager at the Australian Accounting Standards Board (AASB).
Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. In particular, Aletta takes great pride in her ability to apply a wealth of technical expertise to real-world business situations. Having worked with a range of clients in both the for-profit and not-for-profit sectors, Aletta understands the challenges Boards and finance teams face.
Aletta’s involvement in sustainability and Environmental, Social and Governance (ESG) is a consequence of her focus on an organisation’s ability to create and sustain long-term value in a rapidly changing world, and managing the risks and opportunities associated with these changes.