IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 10 2024
DOI: 10.56201/jafm.v10.no10.2024.pg132.143

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Impact of IFRS 18 Implementation in Financial Reporting

Samuel, Enefiok Ndarake, Dr. Eno Ukpong and Dr. Uwem E. Uwah

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Abstract

IFRS 18 Presentation and Disclosure in Financial Statements was released by the International Accounting Standards Board (IASB) in April of 2024. This new standard will assist businesses in giving information about their financial performance that helps readers of financial statements evaluate the likelihood that the firm will receive net cash inflows in the future and the management's ability to manage the company's financial resources. It will have a big impact on many businesses using IFRS since it marks the end of a large standard-setting initiative regarding the presentation of financial statements.

keywords:

Comparability, Accounting language, Accounting Standards.

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References:

Madawaki, A. (2012). Adoption of International Financial Reporting Standards in developing
countries: The case of Nigeria. International Journal of Business and Management,
7(3), 152-161. https://doi.org/10.5539/ijbm.v7n3p152.
International Accounting Standards Board. (n.d.). IFRS 18: Presentation and Disclosure of
Financial Statement.. IFRS Foundation. Retrieved from https://www.ifrs.org
Google search; Power Play Global Strategy. https://www.pwc.com/gx/en.html
Klynveld Peat Marwick Goerdele (KPMG) International Limited; IFRS 18: Presentation and
Disclosure in the Financial Statement. Retrieved from
https://assets.kpmg.com>kpmg>pdf>2024/04

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