IFRS 18 replaces IAS 1

Learning objectives

• Explain what IFRS 18 replaces and where the main change lies.L1
• Identify the Standard applicable to a given reporting period.L1

Normative references

• IFRS 18 §C8IFRS 18 supersedes IAS 1; it applies to annual reporting periods beginning on or after 1 January 2027 (para. C1); the general requirements of IAS 1 that it does not carry over are moved, through its consequential amendments, to the renamed IAS 8, and some disclosure requirements to IFRS 7.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

3 questions

• IFRS 18 replaces IAS 1 and restructures the presentation requirements for the statement of profit or loss.L1
• What does IFRS 18 replace, and where is its main change?L1
• A colleague presents the new standard to the accounting team of Alpha SA. Which of the colleague's statements about the content of IFRS 18 are correct? More than one answer is possible.L1