IAS 1 Transition to IFRS 18- Presentation of Financial Statements Webinar

INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

IAS 1 Transition to IFRS 18- Presentation of Financial Statements Webinar
Date: 8th July 2025
Time: 04.00pm-06.00pm
Delivery Mode: Virtual

Overview

IAS1 which governs the presentation of financial statements, has  recently undergone significant revisions since its introduction. This is through the replacement by IFRS 18. This will be effective for annual reporting periods beginning on or after 1 January 2027. It has introduced a more robust approach to presentation, disclosures, and comparative information. IFRS 18 has introduced three changes to the financial reporting process.

The first is the introduction of new subtotals in the income statement, requiring organizations to present operating profit or loss, profit or loss before financing, income taxes, and profit or loss. The second change is the identification of management-defined performance measures (MPMs) and their disclosure in notes to the financial statements. The third change is the introduction of consistent principles for grouping and labeling items.

These changes can have considerable impacts on the financial reporting framework, affecting everything from the structure of financial statements to the categorization of certain items, especially for entities transitioning from other accounting standards.

It is against this background that the institute has organized this webinar  to provide participants with a deep understanding of the key differences and implications of transitioning from IAS 1 to IFRS 18. This is to ensure that accountants, financial officers, auditors, and other stakeholders are fully prepared to implement the new IFRS effectively before the effective dates.

Specifically the following sub-topics will be covered:

1. Introduction to IFRS 18 and its relationship with IAS 1
2. Background and rationale for IFRS 18
3. Key Principles remaining from IAS 1
4. Scope and applicability of IFRS 18
5. Key Changes in the Statement of Profit or Loss

• New Mandatory Categories of Income and Expenses
• New Mandatory Subtotals in the Statement of Profit or Loss
• Presentation of Operating Expenses
• Impact on Gross Profit and Profit before Income Taxes

6. Management-Defined Performance Measures (MPMs)
7. Aggregation and Dis-aggregation of Information
8. Impact on other Financial Statements and related standards
9. Transition and implementation considerations

Target Audience:

This webinar will be useful to all professional Accountants and those aspiring to join the profession, Internal and External Auditors, Consultants and Advisors

Continuous Professional Development Units (CPDs):
Members of ICPAK and those from reciprocating professional bodies will be awarded 2 Structured CPD Units upon successful completion of the workshop.

Financial Commitment:
The workshop charges are Kshs. 1,000. Charges will cater for the webinar fees, learning materials, and e-certificates of attendance.

Online Booking:
Registration: Delegates are reminded to note that online booking for the webinar is mandatory on https://www.icpak.com/event-registration/Online Booking We call on workshop participants to note that booking is available only online at www.icpak.com and will close one day before the training session. Delegates are reminded to note that online booking for the training is mandatory.

National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke).

Further requests can be channeled to us via telephone calls on, +254 719 074 100, or via email to marketing@icpak.com

We encourage members to regularly visit our website https://www.icpak.com for update.