Background
The International Accounting Standards Board (IASB) recently issued an Exposure Draft, “General Presentation and Disclosures.” The IASB’s Exposure Draft proposes improvements to how information is communicated in the financial statements, with a focus on information about an entity’s performance in the statement of profit or loss and related disclosures. Specifically, it includes new disclosure requirements for management performance measures that are used in public communications outside the financial statements. The IASB is also proposing limited changes to the statement of cash flows and the statement of financial position.
The IASB developed the proposals in its Exposure Draft as part of its Primary Financial Statements project. This project responds to the strong demand from stakeholders – in particular, users of financial statements – to undertake a project on performance reporting.
The IASB’s Exposure Draft includes a Basis for Conclusions that is not part of the AcSB’s Exposure Draft. This material may provide useful information to stakeholders. The Basis for Conclusions will be made available separately to stakeholders on the FRAS Canada website by the end of January 2020.