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Reporting Performance

Date recorded:

The Board discussed a first draft of an Exposure Draft.

The Board agreed to change the title of the IFRS and proposed 'Income Statement'. One of the members noted that some principles were missing, for example, the proposal on per share amounts did not follow from the existing principles. The staff was asked to reconsider the term used for the total (perhaps 'net income' might be more appropriate than 'comprehensive income'). Also, the total column should be presented first (left), rather than last (right).

The Board discussed the following issues:

  • the allocation of remeasurement between business and financing;
  • the display of tax as a single number; and
  • the display of subtotals and per share amounts.

Based on that discussion, the following represents the Board's tentative thinking about the format of the performance statement:

Column 1Total (Columns 2 + 3)

Column 2Income and Expenses Other than Remeasurements

Column 3Income and Expenses Resulting from Revisions to Prior Expectations about Future Periods (Remeasurements)

Operations

xxx

xxx

xxx

Financing and Investing Activities

xxx

xxx

xxx

Income Taxes

xxx

xxx

xxx

Discontinuing Operations

xxx

xxx

xxx

Net Income or Comprehensive Income

xxx

xxx

xxx

Subtotals within comprehensive income (for example, 'operating profit') will be prohibited except when they are subtotals of other amounts required to be displayed on the face. The Board will consider how to report per share amounts at a future meeting.

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.