On or about 5 Oct 2020, the Accounting Standards Council (ASC) Singapore has responded to the Exposure Draft (ED/2019/7) on General Presentation and Disclosures which was issued by the IASB in December 2019.
The ASC has commented on the following issues raised in the ED:
- Q1 Operating profit or loss
- Q2, Q3 and Q4 The operating category
- Income and expenses from investments made in the course of an entity’s main business activities
- An entity that provides financing to customers as the main business activity
- Q5 The investing category
- Q6 Profit or loss before financing and income tax and the financing category
- Q7 Integral and non-integral associates and joint ventures
- Q8 Roles of the primary financial statements and the notes, aggregation and disaggregation
- Q9 Analysis of operating expenses
- Q10 Unusual income and expenses
- Q11 Management performance measures
- Q12 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
- Q13 Statement of cash flows.
Source: ASC, 7 October 2020.