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Management Commentary – International Accounting Standards Board

Date recorded:

At its meeting on May 14-16, 2019, the Board met to discuss the overview of the staff’s approach to revising IFRS Practice Statement 1. The Board noted that the revision of the Practice Statement is intended to promote preparation of management commentaries that better meet the information needs of the primary users of financial reports.

The revised Practice Statement will provide guidance that:

  1. consolidates innovations in narrative reporting;
  2. addresses gaps in reporting practice; and
  3. remains principles-based but contains sufficient detail to support rigorous application.

At a future meeting, the Board will discuss how the qualitative characteristics of useful financial information should be considered in preparing management commentary.

Review the IASB Update and podcast on the Board's Web site.

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