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.

Primary financial statements

Background

The Agenda consultation 2015 revealed that respondents wanted the Board to prioritise projects that are important to users of financial statements, including the disclosure initiative and the primary financial statements project. The Board took up discussions in the project in April 2016.

It continued discussions through May 2019 with the scope slowly taking shape during that time and (i) a fundamental revision of the statements of financial position, cash flows and changes in equity, (ii) guidance on the content of OCI and timing of recycling, (iii) segment reporting, and (iv) the presentation of discontinued operations being excluded from the scope of the project.

Rather, the Board decided to focus on four main areas:

  • Introduction of defined subtotals and categories in the statement of profit or loss
  • Introduction of requirements to improve aggregation and disaggregation
  • Introduction of Management Performance Measures (MPMs) and accompanying disclosures in financial statements
  • Introduction of targeted improvements to the statement of cash flows

In May 2019, the Board also decided that a discussion paper is not required and that as a next project step, the Board will develop an exposure draft for a new standard replacing IAS 1 Presentation of Financial Statements. The related requirements in IAS 1 will be brought forward to the new standard with limited wording changes. Other requirements of IAS 1 will be moved to IAS 8 and IFRS 7.

 

Current status of the project

An exposure draft of a proposed new standard was published on 17 December 2019 with comments requested by 30 June 2020.

 

Project milestones

Date Development Comments
April 2016 Project initially discussed by the Board
May 2019 The Board decides that the next due process document will be an exposure draft, not a discussion paper
17 December 2019 ED/2019/7 General Presentation and Disclosures published Comments requested by 30 June 2020

 

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.