"The European constituents in all locations consistently questioned whether a new presentation model was really needed, especially considering the costs involved. [...] The European constituents in several locations mentioned that their preliminary assessment of costs to implement certain aspects of the proposals and the costs to maintain the new presentation model would be comparable to the effort associated with the initial adoption of IFRSs in Europe."

"European constituents in all locations consistently expressed a very strong view that, prior to proceeding with the presentation matters, the IASB should address the fundamental issues related to performance reporting, namely, what constitutes performance and what is the impact of the business model on it; where and how should the line be drawn between profit and other comprehensive income (OCI), and whether reclassification of OCI items (recycling) is needed."

"The European constituents were generally split in views as to whether or not the IASB should develop one generic presentation model for all industries or consider developing industry-specific models."

"The European constituents generally believed that the proposals in the Draft ED would result in too much detail on the face of primary statements. This would obscure key messages and would complicate rather than improve the communication between an entity and its stakeholders."

"The majority of European constituents participating in the outreach meetings were against mandating the direct method for presenting operating cash flows."