CERTYNEX IFRS ACADEMY

A colleague prepares a summary note on what happens to the general requirements of IAS 1 on the move to IFRS 18. Which of the colleague's sentences is wrong?

With the replacement of IAS 1, the accrual basis disappears: IFRS 18 does not carry it over into IAS 8 or elsewhere.

IAS 8 is renamed "Basis of Preparation of Financial Statements" and receives requirements from IAS 1 when IFRS 18 applies.

The requirements of IAS 1 on the accrual basis move into amended IAS 8.

The requirements of IAS 1 on going concern move into amended IAS 8.