Effective date and early application

Learning objectives

• Identify the effective date of IFRS 18.L1
• Determine the Standard applicable to a reporting period and the treatment of earlier application.L1

Normative references

• IFRS 18 §C1The entity applies IFRS 18 for annual reporting periods beginning on or after 1 January 2027; earlier application is permitted and must be disclosed in the notes.

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

3 questions

• IFRS 18 applies to annual periods beginning on or after 1 January 2026.L1
• Zénith SA closes its books on 30 June and does not early adopt IFRS 18. What is the first period for which it must apply IFRS 18?L1
• A trainee summarises the effective date of IFRS 18 for the audit committee of Onyx SA. Which of the trainee's sentences is wrong?L1