IASB proposes to amend IAS 1
Mar 16, 2006
As part of its Performance Reporting Project, the IASB has issued an Exposure Draft of proposed amendments to IAS 1 'Presentation of Financial Statements'.
The Exposure Draft results from the first stage (known as 'Segment A') of the IASB's project on performance reporting and, if adopted, would bring IAS 1 largely into line with the equivalent US standard.
The second stage of the project is being undertaken jointly with the US Financial Accounting Standards Board (FASB), and includes a reconsideration of the presentation and display of information in the financial statements.
Under the proposals an entity would present all income and expenses separately from changes in its equity that arise from transactions with its owners. Entities would have a choice of presenting income and expenses in a single statement or in two statements. An entity would also be required to include in its set of financial statements a statement showing its financial position (or balance sheet) at the beginning of the previous period.
Comment deadline is 17 July 2006. Click for Press Release (PDF 68k).
The Exposure Draft: