Course description
IFRS 18 was issued in April 2024 and applies to reporting periods starting on or after 1 January 2027. It includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. as
The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements, to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. This information needs to be useful to users in assessing the prospects for future net cash inflows to the entity, and in assessing management’s stewardship of the entity’s resources.
The course will cover the following areas :-
- IFRS 18 being a replacement for IAS 1
- The aspects of IAS 1 that have been retained within IFRS 18 eg what constitutes a complete set of financial statements, the need for comparative information in the statements, disclosure of the presentation currency and the level of rounding etc
- The role of the primary financial statements and the role of the notes
- Aggregation and disaggregation - the requirement to aggregate information on the basis of shared characteristics, and disaggregate information based on characteristics that are not shared
- Specific requirements for the Statement of Profit or Loss including the classification of all items into one of five categories, and the need for certain specific subtotals
- Application of IFRS 18 in the Statement of Profit or Loss for entities that either invest in assets as a main business activity, or provide financing to customers as a specified main business activity
- Requirements for the other primary statements
- Disclosure of Management-defined Performance Measures (MPMs) and reconciliation of them to profit measures defined by IFRS Accounting Standards
- Transition to IFRS 18.
Upcoming start dates
Suitability - Who should attend?
The course is aimed at anyone involved in the production of general-purpose financial statements for an entity that applies IFRS accounting standards.
Outcome / Qualification etc.
- Produce an IFRS 18 compliant Statement of profit or loss
- Aggregate and disaggregate information in the financial statements in accordance with the requirements of IFRS 18
- Disclose MPMs in the notes, and reconcile them to profit measures defined by IFRS Accounting Standards
- Explain the key points of IFRS 18 to colleagues.
Training Course Content
- Basics of IFRS 18
- Aggregation and disaggregation of information
- IFRS 18 requirements for the Statement of Profit or Loss
- Requirements for the other primary statements
- Management-defined Performance Measures (MPMs)
- Transition to IFRS 18
Course delivery details
- Group internet based instruction and illustrative examples
- Review and interpretation of social disclosures and information to illustrate key points
- Practical workshop exercises using realistic scenarios, case studies, examples of best practice you can apply back in the workplace
- Interactive participation will be encouraged
- At VantagePoint, we have a policy to avoid unnecessary printing. All course materials will be provided in soft copy. The only printed materials will be those necessary for exercises in class.
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