On 6 September 2007, the International Accounting Standards Board issued a revised version of IAS 1 Presentation of Financial Statements. The revised standard has an effective date of 1 January 2009, but earlier adoption is permitted.
In 2001 the IASB begin a financial statement presentation project, with the objective of enhancing the usefulness of information presented in the income statement.
In April 2004 the IASB and the US Financial Accounting Standards Board decided to work on financial statement presentation as a joint project to further the goal of promoting convergence of accounting standards used internationally.
Phase A addressed what constitutes a complete set of financial statements and requirements to present comparative information.