Dear respondent,
This questionnaire asks for the views of users of IFRS financial statements on the recently issued Standard IFRS 18 Presentation and Disclosure in Financial Statements (the Standard).
IFRS 18 was issued by the International Accounting Standards Board (IASB) in April 2024 and provides general presentation and disclosure requirements to improve how information is communicated in the financial statements, with a focus on the income statement.
The information collected from this survey is intended to help the UK Endorsement Board (UKEB)* assess the impact of IFRS 18 on UK users of financial statements. This will form part of the work necessary to assess the Standard for UK adoption. If adopted in the UK, IFRS 18 will apply to annual reporting periods beginning on or after 1 January 2027.
More information on IFRS 18, including how to access the final Standard, as well as supporting material can be found here.
The questionnaire seeks users' views regarding:
- The presentation and disclosure requirements in the Standard; and
- Any likely costs and benefits associated with the new requirements in IFRS 18 as well as wider economic effects.
Your responses will make a valuable contribution to the UKEB’s understanding of users’ views on the implementation of IFRS 18 and will be used as input to the UKEB's decision on whether to adopt the Standard for use in the UK.
Who should respond to this survey?
Investors, lenders, sell-side broker dealers, credit-rating agencies, analysts and other users of financial statements who are based in the UK and/or invest in/lend to/analyse UK companies. Some familiarity with IFRS 18 may help but is not required as the questionnaire contains explanatory text and provides links to education materials.
If you are not the best placed person in the organisation to respond or do not possess all the information you need, please circulate the questionnaire among relevant colleagues (this is why we also attached the Word version) and don’t hesitate to contact us if you need support in completing the survey.
How long will it take?
How long the questionnaire will take to complete will depend on familiarity with the standard. Respondents who have prior knowledge of the standard may skip the educational materials and complete the survey in approximately 20 minutes. However, if educational materials are needed to contextualise, the survey will take approximately 40 minutes to complete. The survey tool allows respondents to save and continue.
Deadline for completion of survey
The deadline for completion of the survey is 6 September 2024.