In November 2017, the International Accounting Standards Board (Board) added to its agenda a project to revise the IFRS Practice Statement 1 Management Commentary (Practice Statement). In undertaking the project, the Board will consider how broader financial reporting could complement financial statements prepared applying IFRS Standards.
The Board completed its substantive discussions about what guidance to provide in the revised Practice Statement at its October 2020 meeting.
The Board expects to publish the Exposure Draft of the revised Practice Statement in May 2021.
The Board met on 23 March 2021 to discuss the comment period for the forthcoming exposure draft of the revised IFRS Practice Statement 1 Management Commentary.
The Board decided that the comment period should be more than 120 days but no more than 180 days, with the comment deadline set to avoid conflicting with the comment deadlines for the Board’s other major consultations.