In December 2019 the International Accounting Standards Board (IASB) published an Exposure Draft ‘General Presentation and Disclosures’ (General Presentation ED). The General Presentation ED proposes to replace IAS 1 ‘Presentation of Financial Statements’ with a new IFRS and amend several other IFRS Standards. The impact of the proposals would include:
- Changes to the structure of the Statement of Profit and Loss
- More minimum subtotals, including a subtotal for Operating Profit
- New requirements on disaggregating information in the financial statements
- New disclosures about unusual items, management performance measures and the analysis of expenses
- Limited changes to the Statement of Cash Flows and Statement of Financial Position
The ED is open for comment until 30 June 2020.