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This is a joint project of the IASB and FASB addressing presentation of the financial statements. The project is conducted in phases.
Phase A Revisions to IAS 1 - completed in 2007
This phase addressed a complete set of financial statements and requirements to present comparative information.
The IASB issued a revised version of IAS 1 in September 2007. The revised standard has been endorsed in the EU. For more information, click here.
Phase B
Phase B includes the following separate projects:
Replacement of IAS 1 and IAS 7 - ongoing In October 2008, the IASB issued a discussion paper Preliminary Views on Financial Statement Presentation. For more information, click here.
The next step in the IASB's due process is the development and publication of an exposure draft. Due to the IASB's commitment to finalise other higher priority projects, the work on this project has been postponed. However, in July 2010 the IASB posted on its website a staff draft of an exposure draft that reflects the IASB and the FASB cumulative tentative decisions on the financial statement presentation. EFRAG conducted an extensive outreach in September - December 2010 to provide the IASB with the European views on the tentative decisions included in the staff's draft. Click here for more information.
Discontinued operations - ongoing In September 2008, the IASB issued an Exposure Draft Discontinued Operations – Proposed Amendments to IFRS 5 (the ED). The ED proposed to revise the definition of discontinued operations and to require additional disclosure related to components of an entity that have been (or will be) diposed of. For more information: click here.
After deliberations on respondents’ concerns about the revised definition of a discontinued operation, the IASB and the FASB agreed to revise the proposals and to re-expose them for public comment. However, due to the IASB's commitment to finalise other higher priority projects, the work on this project has been postponed. The revised proposals are expected to be re-exposed once the work on the project is resumed. Click here for more information.
Presentation of Other Comprehensive Income - Amendments issued but not yet endorsed
In June 2011, the IASB issued Amendments to IAS 1 Presentation of Items of Other Comprehensive Income (the Amendments). The Amendments require separate presentation of items of other comprehensive income that are reclassified subsequently to profit or loss (recyclable) and those that are not reclassified to profit or loss (non-recyclable). If items of other comprehensive income are presented before tax, then income tax is allocated to each respective group. Click here for more information.
To access the IASB project page, click here.
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