Summary report – Primary Financial Statements – Webinar 19/5 & 26/5/2020

On 19 & 26 May, EFRAG, in joint initiative with a.o. ABAF/BVFA, organized an outreach webinar on the Exposure Draft General Presentation and Disclosures published by the International Accounting Standards Board (IASB).

In December 2019 the International Accounting Standards Board published the Exposure Draft General Presentation and Disclosures, which includes proposals to improve how information is communicated in financial statements, with a focus on the income statement.

The IASB's proposals would replace IAS 1 Presentation of Financial Statements with a new IFRS Standard that would comprise new requirements on presentation and disclosures in financial statements, as well as requirements brought forward from IAS 1. New requirements would include new subtotals in the income statement, as well as guidance on management performance measures ('non-GAAP') and non-recurring items.

This event put users at the centre of the discussions on the new structure for primary financial statements as EFRAG and EFFAS presented their draft positions on the Exposure Dra​ft. This panel discussed the benefits of the proposed new presentation of the income statement, the guidance on management performance measures, and the definition and disclosure of unusual income and expenses, using real-life examples. It also talked about potential further improvements.

Today, EFRAG published the Summary Report of both outreach events. 

Download Summary Report