In 2024, the International Accounting Standards Board (IASB), issued a new Standard IFRS 18 ‘Presentation and Disclosures in Financial Statements’.
IFRS 18 replaces IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after 1 January 2027.
Our ‘Insights into IFRS 18’ series explains the new requirements of IFRS 18, highlighting some areas of the standard that we believe will be challenging to apply in practice. They also aim to help users of IFRS financial statements to understand how financial statements will change when applying the new Standard.
Download Insights into IFRS 18 – Foreign exchange differences
Download Insights into IFRS 18 – Foreign exchange difference
This article provides insights into the application of the requirements of IFRS 18 to the classification of income and expenses arising from foreign exchange differences. It builds on the high-level overview in our ‘Get ready for IFRS 18’ publication and goes deeper into application issues.
Contact Us
We hope you find the information in this article helpful in giving you some detail into aspects of IFRS 18. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or your local member firm.
Authors
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Sarah Carroll
Sarah is the global head of the IFRS and corporate reporting team focussing on the consistent application of both International Financial Reporting Standards (IFRS) and sustainability reporting standards.View Profile