This is the new working title of the project on performance reporting. The Board was asked for initial reactions on the following specific issues identified by the IASC Performance Reporting Steering Committee:

• Changes in Estimates - No changes were proposed to the IAS 8 treatment, but the difference between a change in estimate, change in policy and error need to be more clearly defined.
• Changes in Accounting Policy - There was general agreement by the Board members that there should be only one method of accounting for changes in accounting policy, namely restatement of prior periods, unless impractical to do so.
• Corrections of Errors - There was general agreement that the distinction between fundamental errors and errors should be removed. All errors should be treated in the same way as changes in accounting policy.
• Extraordinary Items - The Steering Committee supports abolishing extraordinary items. While Board discussion seemed sympathetic with the steering committee view, the Board deferred a decision on this pending decisions on the format of the new reporting statement.
• Unusual Items - The Steering Committee supports the retention of this concept. However preliminary consensus is that they should not be separately classified on the face of the income statement (though possibly separately disclosed within a particular class of income or expense). Disclosures would also be made in the notes.