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.