The International Accounting Standards Board (IASB) has completed redeliberations of the proposals in the Exposure Draft General Presentation and Disclosures published in December 2019. The IASB expects to publish the new IFRS Accounting Standard in H1 2024 after completing the balloting process. The objective of the new IFRS Accounting Standard is to improve how information is communicated in the financial statements, with a focus on information in the statement of profit or loss.
The IASB met on 26 July 2023 to discuss in relation to the prospective IFRS Accounting Standard (Standard):
The Standard will replace IAS 1 Presentation of Financial Statements.
Consideration of the re-exposure criteria (Agenda Paper 21A)
The IASB considered the re-exposure criteria in the Due Process Handbook. The IASB decided to issue the Standard without re-exposing the proposals.
All 14 IASB members agreed with this decision.
Transition and effective date (Agenda Paper 21B)
The IASB tentatively decided:
The IASB also decided to consider whether to provide transitional relief from restating amounts presented for additional comparative periods.
Due process requirements (Agenda Paper 21C)
All 14 IASB members confirmed they were satisfied the IASB has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the Standard. No members indicated that they intend to dissent from issuing the Standard.