Malak AlOtaibi, CertIFR, CertIPSAS

What skills should accounting managers possess? ✏️ GAAP knowledge, attention to detail, excel proficiency

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١ تعليق واحد

📘 New Financial Reporting Standard: IFRS 18 Dear colleagues, The International Accounting Standards Board (IASB) has recently issued IFRS 18, 'Presentation and Disclosure in Financial Statements', which will come into effect on January 1, 2027. This new standard, set to replace IAS 1, is designed to enhance the clarity and consistency of financial reporting across the globe. Key Highlights of IFRS 18: 1. Structured Format: IFRS 18 mandates a structured format for the statement of profit or loss, categorizing financial activities into distinct sections: operating, investing, financing, income taxes, and discontinued operations. 2. Transparency and Disclosure: The standard requires detailed disclosures including management-defined performance measures, ensuring greater transparency in financial reporting. 3. Comparative Information: It emphasizes the necessity of presenting comparative information alongside current data to facilitate better understanding and analysis of financial statements. This new framework aims to refine how entities disclose their financial data, aiming to aid stakeholders in making more informed decisions. For those interested in understanding the detailed implications of IFRS 18 on our reporting processes, it's advisable to review the standard in full. Preparing ahead will help ensure a smooth transition to the new requirements.

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