IFRS 18 and Companies House 2028

Ready for 2028, ready to adopt IFRS 18

4 min 22 sec. Don't adjust your speakers: there is no sound. The captions do the talking.

From April 2028 accounts are filed through software, and from 2027 IFRS 18 changes how they are presented. Both, inside ONESOURCE Statutory Reporting, in 4 minutes 22 seconds. Don't adjust your speakers: there is no sound. The captions do the talking.

Statutory Reporting

From April 2028 every UK company files its accounts through software, and from 2027 IFRS 18 changes how they are presented. Inside ONESOURCE Statutory Reporting: one template on ONESOURCE content, each company's accounts drawn from its trial balance, IFRS 18 behind one switch, the move from IAS 1 reconciled from the trial balance, and Companies House filing built in.

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Transcript: the words on screen
  1. 0:00From April 2028, web and paper filing of accounts ends.
  2. 0:03From 2027, IFRS 18 changes how accounts are presented.
  3. 0:06ONESOURCE Statutory Reporting / Ready for 2028. Ready to adopt IFRS 18? / Content · Template · Deploy · File
  4. 0:11How it works / ONESOURCE content. Your template. Every company and group. / Content: ONESOURCE content, IFRS, FRS 101, 102 and 105 · Template: Your standard, Adopt, adapt, add · Deploy: Every company, Every entity, every year · File: Companies House, iXBRL, filed by software
  5. 0:1701 · The content / ONESOURCE content for IFRS, FRS 101, FRS 102 and FRS 105.
  6. 0:1801 · The content / ONESOURCE content for IFRS, FRS 101, FRS 102 and FRS 105. / Every standard, kept current
  7. 0:2501 · The content / Statements, notes and policies, ready built.
  8. 0:3302 · Your standard / Build your standard on the ONESOURCE content.
  9. 0:3902 · Your standard / Build your standard on the ONESOURCE content. / Parent: UK FRS 102 · Version 33
  10. 0:4102 · Your standard / Map your chart of accounts. Once.
  11. 0:4302 · Your standard / Map your chart of accounts. Once. / 75 accounts to assign
  12. 0:4602 · Your standard / Map your chart of accounts. Once. / All mapped, totals filled
  13. 0:4902 · Your standard / Adopt it where it works. Make the wording yours.
  14. 0:5902 · Your standard / Adopt it where it works. Make the wording yours. / Going concern
  15. 1:0202 · Your standard / Where it doesn't fit, add your own tables and notes.
  16. 1:0802 · Your standard / Where it doesn't fit, add your own tables and notes. / Revenue by service line
  17. 1:1102 · Your standard / Your own analysis, checked against the accounts.
  18. 1:1202 · Your standard / Your own analysis, checked against the accounts. / Test error: caught and reported
  19. 1:1702 · Your standard / Your own analysis, checked against the accounts. / Agrees to turnover
  20. 1:1903 · Deploy / Publish it as your standard.
  21. 1:2403 · Deploy / Publish it as your standard. / Publish
  22. 1:2703 · Deploy / Deploy it to each company: code, name, year end.
  23. 1:2903 · Deploy / Deploy it to each company: code, name, year end. / Reporting Entities
  24. 1:3703 · Deploy / Deploy it to each company: code, name, year end. / Data Analytics Services Ltd
  25. 1:3903 · Deploy / Load each company's trial balance.
  26. 1:4003 · Deploy / Load each company's trial balance. / Upload · Map · Clean · Complete
  27. 1:4704 · It flexes / The template flexes to what is in each trial balance.
  28. 1:4804 · It flexes / The template flexes to what is in each trial balance. / Included only when it applies
  29. 1:5404 · It flexes / The template flexes to what is in each trial balance. / Shown only when the data exists
  30. 1:5704 · It flexes / Draw the accounts. None of it was typed.
  31. 1:5904 · It flexes / Draw the accounts. None of it was typed. / Profit before tax 900
  32. 2:0605 · Each company / Group-wide content sits in the template. Add company-specific detail in the entity.
  33. 2:1205 · Each company / Different here? Overwrite it for this company.
  34. 2:1405 · Each company / Different here? Overwrite it for this company. / Template: the group director
  35. 2:1905 · Each company / Different here? Overwrite it for this company. / This company's own director
  36. 2:2106 · A group / Groups too: group statements and complex notes, under IFRS.
  37. 2:2206 · A group / Groups too: group statements and complex notes, under IFRS. / Osprey IFRS Group Template, built on UK IFRS
  38. 2:2806 · A group / Groups too: group statements and complex notes, under IFRS. / Segment analysis, drawn for the group
  39. 2:3207 · IFRS 18 / Ready to adopt IFRS 18?
  40. 2:3307 · IFRS 18 / Ready to adopt IFRS 18? / Periods beginning on or after 1 January 2027
  41. 2:3907 · IFRS 18 / Adopting early? One switch.
  42. 2:4007 · IFRS 18 / Adopting early? One switch. / Early application of IFRS 18
  43. 2:4407 · IFRS 18 / Same figures, new income statement.
  44. 2:4607 · IFRS 18 / Same figures, new income statement. / Before: IAS 1
  45. 2:4907 · IFRS 18 / Same figures, new income statement. / After: IFRS 18
  46. 2:5207 · IFRS 18 / Goodwill on its own line.
  47. 2:5307 · IFRS 18 / Goodwill on its own line. / Statement of financial position: IAS 1
  48. 2:5707 · IFRS 18 / Goodwill on its own line. / Statement of financial position: IFRS 18
  49. 3:0107 · IFRS 18 / The cash flow starts from operating profit.
  50. 3:0207 · IFRS 18 / The cash flow starts from operating profit. / Statement of cash flows: IAS 1
  51. 3:0607 · IFRS 18 / The cash flow starts from operating profit. / Statement of cash flows: IFRS 18
  52. 3:1007 · IFRS 18 / The move from IAS 1, reconciled from the trial balance.
  53. 3:1607 · IFRS 18 / New: management-defined performance measures.
  54. 3:1807 · IFRS 18 / New: management-defined performance measures. / Switched on measure by measure
  55. 3:2208 · Next year / ONESOURCE updates as the rules change. Accept, and every company moves.
  56. 3:2308 · Next year / ONESOURCE updates as the rules change. Accept, and every company moves. / [Update Available]
  57. 3:2808 · Next year / ONESOURCE updates as the rules change. Accept, and every company moves. / Template update in progress
  58. 3:3108 · Next year / Roll forward and start next year.
  59. 3:3208 · Next year / Roll forward and start next year. / New period: 2026
  60. 3:3608 · Next year / Roll forward and start next year. / 2025 closed and locked
  61. 3:3809 · File / The iXBRL tags came with the template.
  62. 3:4409 · File / The iXBRL tags came with the template. / XBRL on
  63. 3:4509 · File / Anything wrong is listed, with a link to it.
  64. 3:4709 · File / Anything wrong is listed, with a link to it. / Test error: approval date missing
  65. 3:5109 · File / Anything wrong is listed, with a link to it. / Fixed: no warnings
  66. 3:5409 · File / Companies House filing is built in.
  67. 4:05Companies House 2028 / From 1 April 2028, every UK company files by software. / Web and paper filing of accounts ends / Accounts filed in iXBRL, through software / Tagged, validated and filed from OSR / No more paying for external iXBRL tagging / IFRS 18 layouts ready in the content
  68. 4:11In summary / Ready for 2028 and IFRS 18: build once, file every company. / One group standard across every company / Changing standard? A good time to change how your accounts are produced. / Save time at year end: build once, roll forward / Fewer errors, with built-in checks and validation / Trusted ONESOURCE content, kept up to date / Review, sign-off and audit trail in one place / Further automation through APIs
  69. 4:18ONESOURCE Statutory Reporting / Implemented by Osprey Consulting / Book a 30-minute call on our website / ospreyconsulting.co.uk

Recorded by Osprey Consulting: Thomson Reuters ONESOURCE Certified Implementers, Alphatax partner, Registered Alteryx Solution Provider Partner.

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