Ethical transparency and accounting education in financial reporting: analysis of IFRS 18 in Colombia

Abstract

This research analyzes International Financial Reporting Standard 18 (IFRS 18) in the Colombian context as a regulatory development aimed at strengthening the transparency and comparability of financial reports. Using a documentary, descriptive, and qualitative methodology, it examines the theoretical, regulatory, and practical foundations that support this standard.

IFRS 18 replaces IAS 1 and will become mandatory on January 1, 2027. The standard introduces significant changes to the structure of the statement of profit or loss through mandatory subtotals and the classification of income and expenses into operating, investing, financing, income tax, and discontinued operations categories, with the aim of improving the quality and usefulness of financial information.

This is where the challenge arises: standards do not implement themselves. They require accountants and auditors who truly understand what they are doing. This depends on academic curricula and professional training programs continuing to evolve quickly enough. If educational institutions continue teaching outdated methods, professionals will not have the necessary tools to implement the new standard. It is therefore a matter of coordination among regulators, universities, and professional practice.