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Wednesday 17 April 2024
number of visits: 218

IFRS News

IFRS 18 is here, guys, finally!


So, just a very short executive summary to brief you:


➡️ It will replace IAS 1 Presentation of Financial Statements;

➡️ Applicable for periods starting on or after 1 January 2027

➡️ Biggest changes: In profit or loss, introducing two mandatory subtotals and categories for classifying income and expenses (in similar fashion as cash flows under IAS 7 - operating, investing, financing, plus income taxes and discontinued operations);

➡️ Some (limited) changes: In statement of cash flows and statement of financial position (balance sheet);

➡️ No changes (same as IAS 1): Statement of other comprehensive income and statement of equity;

➡️ New disclosures required: for example, management-defined performance measures;

➡️ Many disclosures carried forward from IAS 1.

 

I am working on new lectures related to IFRS 18, so watch out for my emails if interested.

 

New free lecture: IFRS 17 Example 


Last month, when I published a video with the summary of IFRS 17 Insurance contracts, I got a lot of requests to publish also some numerical example.


So here it is.


In this free video lecture, you will learn, step by step, the main principles of measurement of insurance contracts initially, when they are generated.


However, I give you TWO examples in one lecture in fact:


#1 Example of initial measurement when the contracts are other than onerous (e.g. assumed to be profit making);

#2 Example of initial measurement when the contracts are onerous (loss making).


You can follow me apply the main principles of general model of IFRS 17, performing all the calculations and drafting journal entries.


CLICK HERE to access the free video lecture on IFRS 17 Solved example

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