Lesson · IFRS 18
Why IFRS 18 exists: the Primary Financial Statements project and the end of IAS 1
Explain the comparability problem in IAS 1 that the Primary Financial Statements project set out to fix.
10 minutes Standard as at 12 October 2026
What you will be able to do
- Explain the comparability problem in IAS 1 that the Primary Financial Statements project set out to fix
- Name what IFRS 18 adds: defined categories, mandatory subtotals and disclosure of management-defined performance measures
- Present the same statement of profit or loss under IAS 1 and under IFRS 18 side by side
- State what IFRS 18 leaves unchanged, so the reader does not over-read its scope
This is a preview of a member lesson. The full lesson is in the IFRS 18 library, open to everyone who enrols.
Free · one email a week
IFRS and SAM, one requirement at a time
Each week you get the Institute's new articles: one requirement of IFRS 17, IFRS 9, IFRS 15, IFRS 18 or SAM, worked on a South African case. You start with the free IFRS 18 readiness checklist, ten areas to work through before IFRS 18 takes effect, each with its paragraph reference.