This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB chair discusses primary financial statements

  • IASB speeches (blue) Image

06 Mar 2019

In a speech given at the Seminario international sobre NIIF y NIF in Mexico City, Mexico, IASB chair Hans Hoogervorst discussed IFRS as global standards, recently issued major Standards, and the IASB’s project on primary financial statements.

Mr Hoogervorst began with a recap of the progress IFRS Standards have made globally with 144 jurisdiction which have adopted IFRS Standards. He mentioned that other jurisdictions, such as China, India, and Indonesia, have substantially converged their national accounting requirements with IFRS Standards and that the United States remains as the only large jurisdiction where adoption has stalled.

Next, he shared feedback on the big four Standards (IFRS 9, IFRS 15, IFRS 16, and IFRS 17) that have been issued and provided examples of how these Standards have benefited financial reporting.

Lastly, Mr Hoogervorst discussed the primary financial statements project, which he considers a ‘game changer’ since it provides an opportunity to improve the communications effectiveness of financial statements. He noted that:

Overall, our decisions thus far will create much more structure in the income statement and will definitely enhance comparability. The improved structure will make it much easier for users to find the components for the analysis that they prefer. The increased transparency around the adjustments that companies make in their non-GAAP measures will provide the investor with a lot of information about the underlying strategy of management.

For more information, see the transcript of the speech on the IASB’s website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.