First ASCG Preparer Forum on the Implementation of IFRS 18

On 29 November 2024, the ASCG’s preparer forum on the implementation of IFRS 18 met for the first time.

More than 80 representatives from ASCG’s members (companies, audit firms and associations) discussed, among other things, the following topics:

• Status of the EU endorsement of IFRS 18
• Insights from an implementation project: Consideration of IFRS 18 in an SAP S4 implementation project
• Open discussion round on specific presentation and application issues under IFRS 18

Following the very positive experience with our preparer forums on IFRS 15 Revenue from Contract with Customers, IFRS 16 Leases and on electronic financial reporting according to ESEF and the positive response to them, we decided to also hold a preparer forum on the implementation of IFRS 18, exclusively for our members.

The event was motivated by the publication of IFRS 18 Presentation and Disclosure in Financial Statements, which was published by the IASB on 9 April 2024. IFRS 18 will replace IAS 1 and in particular introduces a new structure to the statement of profit or loss by introducing new defined subtotal and presentation requirements. IFRS 18 (subject to endorsement in the EU) has to be applied for the first time for financial years beginning on or after 1 January 2027.

The preparer forum provides our members with insights into current developments and serves as a platform to discuss issues related to the implementation. We would like to thank our member companies and association for their participation and look forward for the second meeting of the preparer forum on the implementation of IFRS 18, which will likely take place in February 2025.

The date for the next preparer forum has not yet been set. An announcement with a request for registration will be circulated in due course.