Management Commentary (Revision)
- Vincent Papa, Hocine Kebli, Almudena Alcala
On 14 November 2017, the IASBadded a project to its agenda to revise and update the IFRS Practice Statement Management Commentary issued in 2010.In March 2018, the IASB announced the creation of a consultative group on the Management Commentary project. The aim of the group is to provide the IASB with access to practical experience and expertise in developing, implementing and using management commentary regimes, and to advise the IASB as it develops proposals for updating the Practice Statement.
The Management Commentary Consultative Group met 3 times
- in September 2018 to discuss the objectives of the project, the application of Materiality and the principles to consider when preparing a management commentary.
- in January 2019 to discuss the overall approach to reporting performance, position and progress; the analysis of the financial statements; and the matters that could affect the entity’s future development.
- in April 2019 to discuss the overall proposed approach to reporting business model, strategy, operating environment and risks; business model; strategy; and operating environment and risks.
The Consultative Group will meet one last time in December 2019 to discuss sweep issues and wrap up the project. The publication of the exposure draft is scheduled for H1 2020.
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