IASB publishes IFRS Practice Statement on Management Commentary
08 Dec, 2010
The International Accounting Standards Board (IASB) has today published an International Financial Reporting Standard (IFRS) Practice Statement 'Management Commentary', a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs.
The Practice Statement is not an IFRS. Consequently, entities applying IFRSs are not required to comply with the Practice Statement, unless specifically required by their jurisdiction. Furthermore, non-compliance with the Practice Statement will not prevent an entity's financial statements from complying with IFRSs, if they otherwise do so.
Click for:
- IASB press release (PDF 34k)
- Access to the Practice Statement (link to IASB's website)
- IASB project summary and feedback statement (PDF 66k)
- History of the IASB's management commentary project on IAS Plus
An entity may apply the Practice Statement to management commentary presented prospectively from 8 December 2010.