Reporting Performance
Date recorded:
The staff reviewed its understanding of the format of the income statement based on the Board's discussion on Thursday. The classification is both by function and by nature. The Board asked the staff to review the terminology used, particularly how the two principal columns are labelled. This format will be discussed at future Board meetings.
Financial Institutions
The Board discussed whether financial institutions should use a different format for the income statement. The Board decided to reorder the items by moving financial activities to the top. This format will be discussed at future Board meetings.