Outreach event on primary financial statements

  • Webcast (lt blue) Image

18 May 2020

On 14 May 2020, a web-based outreach event on primary financial statements co-hosted by FSR – Danish Auditors and the Confederation of Danish Industry (DI) with participation of IASB and EFRAG representatives drew a wide international audience. A recording of the event is now available.

The event was organised into a general introductory section and the discussion of five key topics (each again introduced by IASB and EFRAG) that where then opened to questions from the audience. The agenda below indicates where during the two-and-a-half hour recording the individual topics were discussed:

  • Opening and welcome
  • General introduction to the IASB exposure draft General Presentation and Disclosures (begins at about 5:00 minutes)
  • EFRAG’s view on the topic (begins at about 12:00 minutes)
  • Key Topic 1 – Defined lines and subtotals in the income statement – improved comparability or imposed uniformity? (begins at about 21:00 minutes)
  • Key Topic 2 – Looking at the new subtotals – what is the impact and will they work for all industries? (begins at about 1:20:00 hours)
  • Key Topic 3 – Management performance measures – definition, disclosure and unusual items: Will management still be able to explain the overall performance / generation of income in the context of the activities and business strategy? (begins at about 1:42:00 hours)
  • Key Topic 4 – Principles of aggregation and disaggregation – new proposals expected compared to how companies disaggregate information today (begins at about 2:19:00 hours)
  • Key Topic 5 – Statement of cash flows – change to the starting point, new disaggregation due to new line items introduced and removal of classification choice for interest and dividends (begins at about 2:27:00 hours, introduction by IASB and EFRAG only, no discussion due to reasons of time)

The recording of the outreach event is available here. You can also access the slides for the event on the EFRAG website.

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