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Implementation of IFRS 18, Presentation and Disclosure of Financial Statements

In April 2024, the IASB issued the new IFRS 18, Presentation and Disclosure of Financial Statements to replace IAS 1. It is effective for annual reporting periods beginning on or after 1 January 2027, with early adoptions being permitted.

The programme is designed to provide the participant with a functional understanding of IFRS 18 and prepare them to implement IFRS 18 in an organisation, audit statements prepared under IFRS 18 or analyse reports prepared under IFRS 18.

Objective

Outline

IFRS 18 introduces new concepts, categories and requirements for presentation. The seminar focuses on implementing these changes and recent related changes.

Introduction to IFRS 18

• Objective and scope of IFRS 18
• Key changes from IAS 1
• Effective date and transition requirements

Statement of Profit or Loss Changes:

• Understanding the new categories
  • Operating
  • Investing
  • Financing
  • Income taxes
  • Discontinued operations
• Specified main business activities and specific items
  • Investing in assets as a main business activity
  • Providing financing to customers as main business activity
  • Cash and cash equivalents
  • Classification of foreign exchange differences
  • Useful structured summaries
  • By nature, function and hybrid
  • Mandatory totals and subtotals
  • Aggregation and disaggregation
  • Offsetting and netting

Changes to other statements

• Statement of Cash Flows
  • Interest and dividends classification
  • Indirect method starting point
• Statement of Financial Position
• Statement of Changes in Equity

Management-defined Performance Measures (MPM)

• What is an MPM?
• MPM reconciliations and disclosures

Impact of changes

• Contracts, agreements and compensation
• Financial ratios
• Accounting systems

Who should attend

This programme is suitable for preparers and auditors of financial statements, members of Audit Committee, Finance Directors and Regulators and those who are keen to gain an early understanding of the new IFRS 18 to better prepare for the transition from IAS 1 to IFRS 18.

Methodology

Lecture style, with Exercises / Illustrated Examples

Profile of Thomas Egan

Thomas Egan is an independent financial and accounting trainer and advisor with deep expertise in financial reporting, assurance, and emerging industry developments. His areas of exposure include sustainability reporting, fintech, cryptocurrency, artificial intelligence, blockchain, and digital financial reporting.

Thomas previously served as the Industry Accounting Working Group Accounting Technical Expert at the International Air Transport Association (IATA), where he advised the global aviation industry on the future of finance and accounting. He also held the position of Group Head of Accounting Advisory at an international bank, partnering closely with business units and clients on complex financial products and transactions. Earlier in his career, he was Head of Training and Technical Accounting at Deloitte, leading technical learning and development initiatives.

Professional Expertise
Thomas specializes in:

• Financial Reporting (IFRS, US GAAP)
• Financial Instruments and Hedge Accounting
• Valuation and Financial Management
• Risk Management
• Sustainability Reporting
• Company Law
• Accounting for Non-Accountants
• Digital and Regulatory Reporting

He has designed and delivered both public and customized programs to professionals at all levels, including C-suite executives, across industries such as banking, aviation, professional services, and sovereign wealth funds.

Professional Qualifications

• BS in Accounting – Marquette University
• MS in Accounting – University of Wisconsin–Madison
• Postgraduate Diploma in Strategic Finance – University of Oxford
• Licensed CPA (United States)
• Member of Institute of Singapore Chartered Accountants (ISCA)
• Member of Association of Chartered Certified Accountants (ACCA)
• Member of CPA Australia

Thomas is also:

• A member of ACCA’s Global Financial Reporting Forum
• Former Vice Chairman of the IFRS Taxonomy Consultative Group under the International Accounting Standards Board (IASB)
• Former member of CPA Australia’s Financial Reporting Centre of Excellence

Selected Courses Delivered (Since 2020)

IATA
Accounting for Non-Accountants (public and customized airline executive programs)
Financial Management (public and customized programs for civil aviation authorities)

ISCA
IFRS Technical Updates (International Financial Reporting Standards)
IFRS 9 – Financial Instruments
IFRS 15 – Revenue from Contracts with Customers
IFRS 16 – Leases
IFRS vs US GAAP Comparison
On-demand programs on US GAAP and SEC regulations

Other Programs
Sustainability Reporting & IFRS Updates (Skills Lyft)
Financial Management (customized for a sovereign wealth fund – Knowledge Academy)
IFRS vs US GAAP (Wolters Kluwer)
IFRS Technical Updates (ACCA)