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Disclosure initiative — Primary Financial Statements [Research]

Next steps:

The IASB expects to issue a Discussion Paper or Exposure Draft in the first half of 2019.

Last updated:

April 2018

Overview

The Primary Financial Statements project is early stage research examining possible changes to the structure and content of the primary financial statements.

Initial research will focus on:

  1. the structure and content of the statement(s) of financial performance, including assessing whether to require a defined sub-total for operating profit and examining the use of alternative performance measures (i.e., financial measures that are not defined or specified in Standards);
  2. the potential demand for changes to the statement of cash flows and the statement of financial position. This research will include feedback on a proposed discussion paper on the statement of cash flows being prepared by the staff of the UK Financial Reporting Council; and
  3. the implications of digital reporting for the structure and content of the primary financial statements.

In the September 2017 IASB Staff Paper, the IASB included an illustrative example of the Statement of financial performance. Below is an example of how management performance measure (MPM) fits into the statement(s) of financial performance (provided as MPM subtotal).

Other developments

January 2018

On January 26, 2018, the IASB Staff updated this project to indicate that the IASB now expects to issue a Discussion Paper or Exposure Draft in the first half of 2019. 

June 2017

In June 2017, the IASB staff updated the work plan to indicate that the IASB expects to issue a Discussion Paper or an Exposure Draft in the 1st half of 2017.

March 2017

On March 23, 2017, the IASB staff issued an updated Work Plan which indicates that the IASB expects to publish a Discussion Paper or Exposure Draft in respect of this project for comment after September 2017.

December 2016

On December 15, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper or Exposure Draft for comment after June 2017.

November 2016

On November 7, 2016, the IASB provided an update and papers summarizing this research will be presented to the Board in November 2016. It is expected that the Board will decide on the scope of the project in December 2016.

September 2016

On September 23, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to decide the project direction by December 31, 2016.

 

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