On 16 March 2006, the IASB issued an Exposure Draft (ED) of proposed amendments to IAS 1 Presentation of Financial Statements. This newsletter provides details about the ED. The ED results from the first stage (known as 'Segment A') of the IASB's project on performance reporting and, if adopted, would bring IAS 1 largely into line with the equivalent US standard as regards the matters addressed. Under the ED's proposals, an entity would be required to present all income and expenses separately from changes in its equity that arise from transactions with its owners. Entities would have a choice of presenting income and expenses in a single statement or in two statements. An entity would also be required to include in its financial statements a statement showing its financial position (balance sheet) at the beginning of the comparative period. The IASB has requested comments on the ED on or before 17 July 2006. You can find our Past IAS Plus Newsletters Here.