Global Standards for the world economy

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IASB Meeting Summaries and Observer Notes

 IASB December 2007


The Board voted to move the management commentary project from its research agenda to its active agenda. The need for this narrative report stems from the increased complexity of both the global business environment and the transactions that underpin the financial statements.

The Board decided that work on the project should result in the production of a guidance document based on the Management Commentary discussion paper issued in October 2005. The document would describe useful approaches to management commentary but would not be part of the suite of mandatory provisions of IFRS. Deliberations will include consideration of respondents� comments on the discussion paper, the interaction of management commentary with the Conceptual Framework project and how the IASB�s due process applies to the production of a guidance document. Making the output a guidance document should allow the Board an opportunity to publish management commentary guidance in the near term.

Date: 12/12/2007