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Management Commentary – International Accounting Standards Board

Date recorded:

At its meeting on July 22-23, 2020, the IASB met to discuss reporting financial resources, performance, position and progress in management commentary. The Board discussed supporting guidance to be included in the revised Practice Statement on providing in management commentary information about obtaining and allocating financial resources. The Board tentatively decided that the disclosure objectives for the entity’s business model, strategy, resources and relationships, risks and external environment should require management to provide information about progress in managing key matters identified in those areas of content. The Board tentatively decided to specify certain requirements in the disclosure objective for performance and position. In addition, the Board emphasized that the disclosure objective for performance and position, or guidance supporting it, should explain that the starting point for discussing an entity’s performance and position should be the amounts included in the entity’s financial statements. The Board discussed supporting guidance that could be included in the revised Practice Statement on management measures and indicators. The Board noted that the project time line has been revised and that the planned publication date of the forthcoming exposure draft of the revised Practice Statement is February 2021. The Board will continue to discuss the issues related to this project at future meetings.

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

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