The Board deliberated issues identified by the staff when drafting the pre-ballot of Proposed Amendments to IAS 1. The paper consists of issues that the Board discussed during this session.

Composition of a complete set of financial statements

Some members had concern about the controversy it could create if the IASB is going ahead of FASB on this issue (as FASB has decided to postpone this until Segment B) when the objective from the beginning of this project was convergence.

Other members respond by emphasising the importance of giving users comparative information, rather than trying to converge with the FASB.

The Board decided that the ED should propose that a complete set of general purpose financial statements should include a statement of financial position at the beginning of the period as well as one as of the end of the period.

Proposed consequential amendments to IAS 34

The Board decided not to make any amendments to the wording in IAS 34 so that it will continue to require a complete or condensed statement of financial position as at the beginning and end of the interim period.

Proposed consequential amendments to IFRS 1

The Board was asked whether they would amend IFRS 1 to require a reconciliation of total recognised income and expense, rather than profit and loss.

Comments were made that, as preparers have to consider all numbers when reconciling equity, IFRS 1 should be amended to require reconciliation of total recognised income and expense.

The Board voted in favour of the staff recommendation.

Proposed amendments to titles of standards

The Board voted in favour of the proposed changes.

Presentation of dividends

The Board agreed with the staff's recommendation that because dividends are distributions of equity to owners, they should not be shown on the face of the income statement.