This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Comment deadline – discussion paper on presentation

  • Clock (green) Image

07 Apr 2009

We remind you that comments are due on 14 April 2009 on the Discussion Paper: Presentation of Financial Statements, which was published jointly by the IASB and the FASB on 16 October 2008. The project is about how best to portray assets, liabilities, income, expense, cash flows, and related information in financial statements.

It does not address how those items are recognised or measured. The DP proposes fundamental changes in the appearance of financial statements, both in their structure and the level of detail presented. Some of the key changes include:
  • The line items presented, descriptions used and order of presentation would be aligned between the statements of financial position, comprehensive income, and cash flows.
  • The financial statements would be segregated into business activities (sub-categorised into operating and investing), financing activities, income taxes, and discontinued operations.
  • Items would be classified in the financial statements based on a 'management approach', with further sub-classifications then required.
  • A reconciliation would be required between the statement of cash flows and the statement of comprehensive income.


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.