Financial Statement Presentation
The purpose of this project is to establish a standard that will guide the organisation and presentation of information in the financial statements with the objective of improving the usefulness of the information provided. This is a joint project between the IASB and the US Financial Accounting Standards Board (FASB).
The project is conducted in three phases:
| Phase A (completed) |
Complete set of financial statements and requirements to present comparative information. The IASB issued a revised version of IAS 1 in September 2007. FASB decided to consider Phases A and B together.
For more about this phase, click here |
| Phase B (ongoing) |
Replacement of IAS 1 and IAS 7
Addresses fundamental issues for presentation of information in the financial statements, including aggregating and disaggregating information in each financial statement, defining totals and subtotals, and considering the use of a direct or an indirect method of presenting operating cash flows.
A discussion paper was published in October 2008.
An exposure draft is planned for publication in May 2010.
For more about the project, click here
Presentation of items of other comprehensive income.
In October 2009 the IASB decided to consider as a separate matter the presentation of Other Comprehensive Income (OCI). The Board decided to give more urgency to this matter because of the increasing importance of OCI to other projects, particularly those on financial instruments and on post-employment benefits, for which new components of OCI have been introduced or proposed. The FASB intends to publish a similar proposal in conjunction with its Financial Instruments project.
The publication of an ED is planned for March 2010.
For more about this topic, click here.
Discontinued operations.
As part of the FSP project, the IASB has been considering, with the FASB, the definition of discontinued operations and the related disclosure requirements. Rather than wait until the project is completed in 2011, the boards decided to accelerate this part of the work. The IASB and FASB published exposure drafts in September 2008. In January 2010 the boards decided to re-expose the proposals.
The publication of an ED is planned for March 2010.
For more information about this project, click here.
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| Phase C (not initiated yet) |
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 |
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