A session on IFRS 18: Presentation and Disclosure in Financial Statements was held for the academic staff of the Department of Accounting, University of Jaffna, Sri Lanka, on Friday, June 20, at 2:30 PM via Zoom. Dr. A. Ramesh Arumugam from the University of Westminster, UK, delivered the session.
IFRS 18, which is set to replace IAS 1 effective from January 1, 2027, introduces significant changes to the presentation format of the profit and loss account and the statement of financial position. Understanding these changes was essential for the staff, as it marks a major shift in financial reporting standards.
