CERTYNEX IFRS ACADEMY

A consolidation manager prepares notes on the effect of IFRS 18 on IFRS 7 for a period beginning on 1 January 2026, without early application. Which of his sentences is wrong?

IFRS 18 applies to annual periods beginning on or after 1 January 2027, with early application permitted by the standard.

IFRS 18 amends several standards by consequence; the detail of the amendments to IFRS 7 is read in the text of those amendments.

For this period, the objective of IFRS 7 set out in paragraph 1 applies under the current text of the standard, unamended.

The consequential amendments of IFRS 18 to IFRS 7 are already applicable to the period beginning on 1 January 2026.