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IFRS 18 - BIG changes coming
More changes coming, mostly for investor decisions
It seems more changes are coming.
Key points
- The first update of its kind for seven years, IFRS 18 is expected to have the greatest effect on the structure of financial statements since the standards began.
- The standard will be effective for annual reporting periods beginning on or after 1 January 2027, though the IFRS said entities may begin applying it sooner.
- IFRS18 will replace IAS 1 Presentation of Financial Statements but carries forward many of its requirements unchanged.
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Unlike IAS1, the new standard will require income and expenses to be classified into five categories: investing, financing, income taxes, discontinued operations, and operating.
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According to Boshoff, there is no clear alignment between the investing, financing, and operating categories and their equivalents in the statement of cash flows under IAS 7.