IASB proposals to improve the presentation of financial statements

16 March 2006

The IASB published for public comment proposals to improve the presentation of entities’ financial statements. The proposals are set out in an Exposure Draft of proposed amendments to IAS 1 “Presentation of Financial Statements”.

The proposed amendments to IAS 1 are aimed at enabling entities to present more clearly the financial information, in particular income and expenses, which is already required to be presented in accordance with the IASB’s standards. Under the proposals an entity would 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 set of financial statements a statement showing its financial position at the beginning of the previous period.

Deadline for comments is 17 July 2006.

Press release

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