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Primary Financial Statements

Description

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.

The IASB's Primary Financial Statements project is currently examining possible changes to the structure and content of the primary financial statements. The IASB's research will focus on:

  • the structure and content of the statement(s) of financial performance, including assessing whether to require a defined sub-total for operating profit and examining the use of alternative performance measures (ie financial measures that are not defined or specified in Standards).

  • the potential demand for changes to the statement of cash flows and the statement of financial position. This research will include feedback on a proposed discussion paper on the statement of cash flows being prepared by the staff of the UK Financial Reporting Council.

  • the implications of digital reporting for the structure and content of the primary financial statements.

The IASB will continue its discussions through 2018. The IASB has yet to decide whether to publish a Discussion Paper or an Exposure Draft.

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