Financial Statement Presentation
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The objective of the financial statement presentation project is to establish a global standard that will guide the organisation and presentation of information in the financial statements. The boards’ goal is to improve the usefulness of the financial information provided in an entity’s financial statements to assist management to better communicate its financial information to the users of its financial statements, and to help users in their decision-making. This is a joint project between the IASB and the US Financial Accounting Standards Board (FASB).
The IASB is conducting the project in three main phases:
|Phase A: IAS 1 Presentation of Financial statements (completed)
||This phase addressed a complete set of financial statements and requirements to present comparative information.
The IASB issued a revised version of IAS 1 in September 2007. Click here for more information.
The FASB decided to consider Phases A and B together.
|Phase B (in progress)
||1. Replacement of IAS 1 and IAS 7
Addresses more fundamental issues for presentation of information in the financial statements.
A discussion paper was published in October 2008. Click here for more information.
On June 24 2010 the boards decided to engage in additional outreach activities before finishing and publishing an exposure draft. Click here
for more information.
The boards decided to post a staff draft of proposed standards that reflect tentative decisions made to date, as a basis for extended stakeholder outreach activities. Click here
for more information.
|2. Discontinued operations
Develops a common definition of discontinued operations and requires common disclosures related to disposals of components of an entity.
An exposure draft was published in September 2008 and was open for comment until January 2009. Click here for more information.
On June 24 2010 the boards jointly issued a progress report, which stated that they have decided to align the project timetable with the main financial statement presentation project. The boards plan to publish in the first quarter of 2011 an exposure draft of a converged definition of discontinued operations and related disclosures. Click here for more information.
|3. Presentation of Other Comprehensive Income
Improves the transparency of reported items of other comprehensive income.
In May 2009 the boards published their respective exposure drafts.
||This phase will consider the presentation and display of interim financial information in US generally accepted accounting principles (GAAP). The IASB may also reconsider the requirements in IAS 34 Interim Financial Reporting.
Page last updated: 28 February 20