IFRS 18 — Presentation and Disclosure in Financial Statements
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Effective date: |
IFRS 18 applies to an annual reporting period beginning on or after 1 January 2027 |
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Published by the IASB: |
April 2024 |
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Included in Part I of CPA Canada Handbook: |
Expected summer 2024 |
Overview
IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements.
History of IFRS 18
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
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Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
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April 9, 2024 |
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Effective for annual reporting periods beginning on or after January 1, 2027, but companies can apply it earlier. Changes in companies’ reporting resulting from IFRS 18 will depend on their current reporting practices and IT systems. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. IFRS 18 is the culmination of the IASB’s Primary Financial Statements project. |
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Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
AcSB’s IFRS Discussion Group meetings
- June 21, 2018- IFRS 17: Other matters