Welcome to the first video in our six-part series on IFRS 18, the new standard effective from January 1, 2027! In this video, we’ll take an in-depth look at the general requirements of the Statement of Financial Performance - what’s changed, what’s new, and how it impacts your financial reporting.
🔍 What You’ll Learn in This Video:
1. The new structure of the Statement of Financial Performance, including the five key categories: Operating, Investing, Financing, Income Taxes, and Discontinued Operations.
2. How these categories improve transparency and comparability across companies.
3. A breakdown of the new subtotals required by IFRS 18.
4. Examples and illustrations of the Statement of Financial Performance from IASB.
🕒 Timestamps you can skip to if you are looking for specific content:
00:00 Introduction
00:35 What's coming in this series of videos?
01:45 Overview of IFRS 18
02:40 The five mandatory categories of income and expenses
03:16 Sample format of the income statement
04:06 The Operating Category
05:22 The Investing Category
06:35 The Financing Category
07:55 Practical implications to Charts of Accounts
09:22 The Income Taxes Category
09:37 The Discontinued Operations Category
09:53 Overview of the exceptions to the general requirements
11:04 Two new required subtotals
12:50 Outro
🎓 Who Is This For?
This video is ideal for accounting students and professionals who want practical insights on IFRS 18, whether for exam prep or career applications. We cover hypothetical examples across different industries to help you see how IFRS 18 applies in real-world scenarios.
Series Roadmap:
1️⃣ Video 1: Statement of Financial Performance (THIS VIDEO!)
2️⃣ Video 2: Exceptions to Classification Rules
3️⃣ Video 3: Management-Defined Performance Measures (MPMs)
4️⃣ Video 4: Aggregation and Disaggregation Rules
5️⃣ Video 5: Impact on Other IFRS Standards
6️⃣ Video 6: Transition from IAS 1 to IFRS 18
👀 Don’t forget to like, subscribe, and share if you found this video helpful, and stay tuned for more videos in the series to master IFRS 18! Hit the bell icon for notifications on our latest uploads.