Primary Financial Statements
- Filipe Alves, Robert Stojek, Ioana Kiss, Didier Andries, Galina Borisova
In July 2014 the IASB added the Performance Reporting project to its research agenda, mainly in response to the strong demand from investors to undertake a project on performance reporting. In 2015 the IASB renamed the project to Primary Financial Statements.
In its Primary Financial Statements project the IASB is examining possible changes to the structure and content of the primary financial statements. The IASB's project is focused on:
Require companies to present additional defined subtotals in the statement of profit or loss;
Strengthen requirements for disaggregating information; and
Require companies to disclose information about management performance measures in the notes.
On 17 December 2019, the IASB published the ED General Presentation and Disclosure where it includes proposals to improve how information is communicated in the financial statements, with a focus on the statement of profit or loss.
The ultimate objective is to replace IAS 1 Presentation of Financial Statements with a new Standard that would comprise new requirements on presentation and disclosures in the financial statements and requirements brought forward from IAS 1 with only limited changes to the wording.