Editorial

Although many of the standards issued by the IASB have made important changes to corporate reporting, arguably some of the most significant will result from IFRS 18, Presentation and Disclosures in Financial Statements, which unlike some of the other innovative standards affects all companies using IFRS. IFRS 9, Financial Instruments, for example, broke new ground by requiring companies to use a forward looking, expected credit loss model for their receivables, but the changes were most significant for banks. Similarly, IFRS 17, Insurance Contracts, has a significant impact on insurance and bancassurers, but does not affect all companies. IFRS 18, however, applies across all sectors. For that reason, it is the subject of a series of three articles looking at its provisions in detail.