Our comment letter to IASB: General Presentation and Disclosures

Posted: 6 November 2020

The International Accounting Standards Board (Board) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. Responding to investor demand, the proposals would require more comparable information in the statement of profit or loss and a more disciplined and transparent approach to the reporting of management-defined performance measures (‘non-GAAP’).

The Board developed these proposals as part of its Primary Financial Statements project and wider work on ‘Better Communication in Financial Reporting’. The proposals cover three main topics:

• New subtotals in the statement of profit or loss
• ‘Non-GAAP’ transparency
• Improved disaggregation of information

We have sent our comment letter to IASB; you can read it on their website.

More information about the topic can be found on the website of IFRS.

The proposals would result in a new IFRS Standard that sets out general presentation and disclosure requirements relevant for all companies, replacing IAS 1 Presentation of Financial Statements.