IASB changes look of reporting

News Article - 07 September 2007
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The International Accounting Standards Board (IASB) has proposed revisions to bring about clearer financial reporting.

A revision of financial statements by the board was based on comments emerging from a consultation process and will allow the introduction of new titles and presentation methods.

Financial transactions will be able to be either presented in a single statement of comprehensive income with subtotals or in two statements, one containing items of income expenses or the second featuring comprehensive income figures with subtotals.

Expected to come into effect from January 2009, titles will also be revised on accounting standards but will be optional for financial statements.

"The revision is aimed at improving users' ability to analyse and compare the information in financial statements," the ISAB said.

Further studies by the board over the next six months are examining "more fundamental questions about the presentation of information in financial statements".

The IASB has also recently addressed its Exposures Qualifying for Hedge Accounting amendments, in order to clarify definitions of hedged items in a hedge accounting relationship.

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