CERTYNEX IFRS ACADEMY

Which statements about the replacement of IAS 1 by IFRS 18 are correct? More than one answer is possible.

The application of IFRS 18 is retrospective.

IFRS 18 is applied prospectively, without restating comparative information.

IFRS 18, published in April 2024, replaces IAS 1 for annual periods beginning on or after 1 January 2027.

IAS 1 remains applicable until IFRS 18 applies, including for the list of line items of the statement of profit or loss.

IFRS 18 prohibits any application before 1 January 2027, even with a disclosure in the notes.