IFRS 18 - Presentation and Disclosure in Financial Statements

What You Will Learn

• Recall the general presentation requirements under IFRS 18, including the five components of a complete set of financial statements, the minimum line items required in the statement of profit or loss and the statement of financial position, and the criteria for classifying assets and liabilities as current or non-current.
• Identify the three mandatory categories of the income statement under IFRS 18, including the types of income and expenses assigned to the operating, investing, and financing categories, and recall the three required subtotals that must be presented and their positions within the statement.
• Distinguish between the line-item and thematic approaches to structuring notes to the financial statements, and identify the requirements for disclosing material accounting policy information and reconciling Management-Defined Performance Measures to IFRS line items in the notes.
• Identify the key differences between IFRS 18 and IAS 1 in terms of income statement structure, MPM governance, and the mandatory disclosure of a nature-based breakdown of operating expenses, and recall how these changes affect financial statement presentation in practice.