Preparing for IFRS 18 – Profit and Loss Implications
Overview
IFRS 18 will redefine how entities present their profit or loss statements. Join our session to gain practical insights and ensure you are ready for the IFRS 18 journey.
In April 2024, the International Accounting Standards Board issued IFRS 18. Although the new Standard is mandatorily applicable from 1 January 2027, IFRS 18 not only has the potential to significantly impact the financial statements of a wide range of entities but is required to be implemented retrospectively. On this basis, now is the time to start preparing for implementation of IFRS 18.
In this session we will explore:
- What are specified business activities and why are they important?
- The five income and expense categories under IFRS 18
- Key changes to the format of profit or loss statements under IFRS 18
- Key principles and requirements in IFRS 18 guiding the presentation of profit or loss statements, and
- Impacts of IFRS 18 on other components of the financial statements.
You may also be interested in: Preparing for IFRS 18 – Management-defined Performance Measures
Learning Outcomes:
This session aims to provide attendees with the ability to:
- Explain what specified business activities are
- Understand the broad implications for the profit of loss statement of an entity having or not having a specified business activity
- Describe the new income and expense categories under IFRS 18
- Identify some of the main implications of IFRS 18 for the presentation of profit or loss statements, and
- Understand some of the key impacts of IFRS 18 on other components of the financial statements.
Suited to:
Auditors, CEOs, CFOs, Board Members, Financial Controllers, Finance Teams, Accountants involved in the preparation of financial reports.
This On Demand recording Includes:
- Recording of the Live Webinar, which can be viewed multiple times, for as long as required
- Presenters contact details for follow up questions
- CPD Quiz
- CPD Certificate
- CPD Report – Logged automatically
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
Course syllabus
3 lessons
- Video – Preparing for IFRS 18 – Profit and Loss ImplicationsVideo
- Feedback Survey QuestionsSurvey
- Knowledge QuizTest
Your presenter
Dean ArdernBDO Australia
is an Advisory Partner in IFRS and Corporate Reporting at BDO in Melbourne. Dean has over 20 years of experience advising on the interpretation and application of IFRS, Australian Accounting Standards and other financial reporting requirements.
Dean enjoys bringing this experience to bear on complex accounting and reporting issues to identify practical and compliant solutions for clients in both the for-profit and not-for-profit sectors. To achieve this, Dean works at building constructive relationships with clients with the view to providing responsive, accurate and outcome-focused technical advice and guidance.