IASB Chair discusses the future of financial reporting
Nov 05, 2019
On November 5, 2019, the International Accounting Standards Board (IASB) released a speech given at the Eumedion Annual Symposium, where IASB Chair Hans Hoogervorst discussed the Board’s projects on primary financial statements (PFS), management commentary and sustainability reporting.
Mr. Hoogervorst began with an overview of the PFS project and provided comments related to new subtotals, such as operating profit and profit before financing and tax. He also discussed the need for greater transparency and discipline in the use of non-GAAP measures.
Next, Mr. Hoogervorst commented on management commentary to provide broader financial information, such as the impact of intangible assets. In addition, the project will revise the Practice Statement to accommodate the increase in interest in sustainability reporting.
Lastly, he agreed with the Eumedion’s green paper, Towards a global standard-setter for non-financial reporting, which called for the need for consolidation in non-financial reporting.
Review the transcript of his speech on the IASB’s website.
