Hey everyone,
January is the busiest month in accounting and financial reporting, so no wonder it’s been quiet on the IFRS updates front. But keeping the Eisenhower Matrix in mind, we don’t want to be caught in the urgency trap, do we? So let’s use this no-major-updates month to recap the essential resources on IFRS 18.
A curated list of technical publications on IFRS 18
Here’s my curated list of technical publications on IFRS 18 that should prove life-saving when the time comes to tackle the new standard:
- IASB’s summary is a good starting point if you’re just beginning to get to grips with IFRS 18. It’ll also come in handy when you’re tasked with giving a quick overview to your CFO.
- A closer look at IFRS 18 (EY) is the natural next step. It’s a comprehensive analysis of IFRS 18 and my preferred publication. A must-read, unless it’s you who is the CFO and don’t have to wander beyond the IASB’s high-level summary 😉
- IFRS 18: Presentation in the statement of profit or loss (BDO) is a deep dive into the new P&L presentation requirements. Lots of examples and practical insights on this specific topic, so another must-read. By the way, I know that many of the BDO technical staff members are among Reporting Period subscribers. Guys, when will we see the second part of BDO’s IFRS 18 analysis (on MPMs) that we were promised on page 5? 😉
- Reference material (IASB) mapping IAS 1 and IFRS 18 paragraphs, both ways (IAS 1 to IFRS 18 and vice versa), with a mark-up of wording changes. Geeky stuff, but still very handy. I mean, I’ve already found it useful on several occasions, which probably makes me a geek.
Work in Progress at the IASB
There weren’t any major developments at the IASB in January, which of course doesn’t mean the IASB didn’t work hard (they did!).
Miscellany
Audit exemption thresholds in Europe
Accountancy Europe published an overview of the thresholds for exemption from audit requirements in Europe. Within the EU, small companies remain exempt from a mandatory statutory audit, and a new directive increased the maximum allowed monetary size criteria to EUR 7.5 million in total assets and EUR 15 million in net turnover, while the maximum headcount remained unchanged at 50 employees. In most cases, a statutory audit is required when two of the three thresholds are exceeded for two consecutive years, although many countries have customised these thresholds to some extent.
International Intrigue
Since we’re light on IFRS updates this month, I thought I’d share a non-accounting recommendation. I’ve been reading International Intrigue since 2023 and it’s now my only news source. One concise email a day, takes five minutes, and you’re fully up to speed on what’s happening in the world. Way better than checking headlines and losing your focus.
That’s all for this edition of Reporting Period. Thanks for reading and see you in the next issue!
Best regards,
Marek