CERTYNEX IFRS ACADEMY

Vega SA applies IFRS 18 for the first time in its annual financial statements for the year beginning on 1 January 2027; its immediately preceding comparative period is 2026, so far presented under IAS 1 (case facts). Which reconciliation does IFRS 18 require on transition?

A reconciliation, line item by line item of the statement of profit or loss, between the restated amounts for 2026 and those presented under IAS 1.

No reconciliation: retrospective application is enough to inform users.

A reconciliation of all prior periods presented since the adoption of IFRS Accounting Standards.

A reconciliation of the 2026 profit or loss total only, with no line-by-line detail.