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Financial performance reporting (formerly financial statement presentation)

The objective of this research project is to evaluate ways to improve the relevance of information presented in the performance statement.

In 2004, the FASB and IASB began a joint project to develop common guidance relating to financial statement presentation. The project was divided into three phases:

  • Phase A — Consider the statements that constitute a complete set of financial statements and the periods for which they are required to be presented.
  • Phase B — Analyze more fundamental issues relating to presentation and display of information in the financial statements.
  • Phase C — Examine the presentation and display of interim financial information in U.S. GAAP.

However, in 2010, the FASB and IASB suspended the joint project to focus on other projects in their respective agendas. At its meeting on January 29, 2014, the FASB decided to add financial statement presentation to its agenda as a FASB-only project.

At its June 25, 2014, meeting, the Board agreed to rename the project “Financial Performance Reporting” to avoid confusing it with its previous joint project with the IASB ("Financial Statement Presentation").


Meeting minutes

FASB Board discussions regarding financial performance reporting are found in the following meeting minutes:

  • December 19, 2018 — The Board discussed issues related to the financial performance reporting project. The Board has yet to determine the type and timing of a due process document.
  • March 28, 2018 — The Board discussed issues related to the financial performance reporting project. The Board has yet to determine the type and timing of a due-process document.
  • January 20, 2016 — The Board discussed issues related to the project.
  • July 24, 2015 —The FASB staff updated the Board on its research related to different ways an entity could use remeasurement concepts when determining earnings components to provide additional disaggregation of the performance statement.
  • May 6, 2015 — The Board discussed its staff’s research on improving the transparency of infrequent transactions or events that have been recognized in the performance statement.
  • February 25, 2015 — The Board discussed the staff's research into different alternatives for describing and defining operating activities.
  • June 25, 2014 — The Board discussed the objective and scope of this research project.


Current status

The FASB staff will evaluate and clarify the objective of the project.


Project milestones

Date Developments Comments
November 2004 Joint FASB-IASB working group established.
July 2010 FASB and IASB issued staff draft of an exposure draft on financial statement presentation.

This marked the discontinuation of the project; the Boards sought informal comments on the project decisions reached to date.

January 2014 FASB-only project re-initiated.

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.