On or about 18 December 2019. the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2019/7 General Presentation and Disclosures by 20 April 2020. The compiled comments would then be summarised and forwarded to the IASB.
On or about 17 December 2019, the International Accounting Standards Board (IASB) has published the Exposure Draft ED/2019/7 that is intended to replace IAS 1 Presentation of Financial Statements. Comments are requested by 30 June 2020.
The Exposure Draft includes the proposals of the International Accounting Standards Board (IASB) to improve how information is communicated in the financial statements, with a focus on information about performance the statement of profit or loss.
The IASB is proposing limited changes to the statement of cash flows and the statement of financial position. The proposals were developed as part of its Primary Financial Statements project, which is part of the work by IASB on Better Communication in Financial Reporting.
It responds to the strong demand from stakeholders, and in particular users of financial statements, to undertake a project on performance reporting.
Source: ASC website, 18 December 2019