Upcoming Replacement To IAS 1?
The IASB is seeking feedback on the Exposure Draft General Presentation and Disclosures (the deadline for comments is 30 June 2020).
The proposals aim to improve how information is communicated in the financial statements, especially in relation to financial performance. Broadly speaking, the proposals cover three main topics:
- New subtotals in the income statement
- ‘Non-GAAP’ transparency
- Improved disaggregation of information
Should these proposals materialise, the result would be a new IFRS standard setting out general presentation and disclosure requirements for all companies, replacing IAS 1 ‘Presentation Of Financial Statements’. Some other accounting standards would also be amended.
For further details, please don’t hesitate to contact our technical team: [email protected]