The UK Endorsement Board Calls for Stakeholder Engagement on IFRS 18: What You Need to Know

The UK Endorsement Board (UKEB) is inviting stakeholders to participate in the final review of IFRS 18 Presentation and Disclosure in Financial Statements ahead of its upcoming public consultation. As the endorsement process unfolds, financial professionals, businesses, and policymakers have a unique opportunity to engage with and influence the future of financial reporting in the UK.

Why IFRS 18 Matters

IFRS 18 is designed to enhance the transparency and comparability of financial statements. The standard introduces new disclosure and presentation requirements, ensuring that financial statements provide a true and fair view while supporting informed economic decisions.

For businesses and financial professionals, understanding and preparing for IFRS 18 is crucial. The changes will impact how financial information is reported, interpreted, and used by investors, regulators, and other stakeholders.

Stakeholder Engagement: A Crucial Step

The UKEB will finalize its initial assessment of IFRS 18 over the next three board meetings, which will be livestreamed for public access. These meetings offer stakeholders a chance to observe discussions and gain insights into the board’s decision-making process. The next UKEB board meeting is scheduled for 28 March at 10 AM, and all interested parties are encouraged to tune in.

By June, the UKEB plans to approve the Draft Endorsement Assessment Criteria (DECA) for IFRS 18. Once approved, the DECA will be released for public consultation, allowing stakeholders to provide feedback on the suitability of IFRS 18 for UK financial reporting.

Criteria for Adoption

For IFRS 18 to be endorsed in the UK, it must meet key criteria:

• Ensure that financial statements provide a true and fair view.
• Facilitate informed economic decisions and enhance management accountability.
• Contribute to the long-term public good in the UK.

The UKEB has conducted in-depth research and consultations to assess IFRS 18’s impact. A recent survey gathered stakeholder feedback, revealing that while IFRS 18 is generally well-received, certain concerns exist—particularly for entities involved in asset investment and customer financing. However, no critical issues have been identified that would prevent its adoption.

Supporting Stakeholders Through Education

To help stakeholders navigate IFRS 18, the UKEB has developed educational resources, including:

• Webcasts explaining the key requirements of IFRS 18.
• A webinar featuring IASB Member Nick Anderson discussing the implications of the new standard.

These resources aim to provide clarity and support for businesses preparing to implement IFRS 18.

Get Involved

As IFRS 18 moves closer to endorsement, the UKEB is calling on stakeholders to stay informed and participate in the consultation process. This is a critical opportunity to shape financial reporting standards that will impact businesses and investors across the UK.

Don’t miss the chance to engage—join the conversation, attend the upcoming board meetings, and contribute to the public consultation later this year.