General Presentation & Disclosures

Timeline

The IASB published the General Presentation and Disclosures Exposure Draft in December 2019. The comment deadline was 30 September 2020. The IASB is currently deliberating feedback on this project.

Background

The proposals in the Exposure Draft aimed to improve how information is communicated in the financial statements, with a particular focus on the statement of profit or loss. The IASB developed these proposals as part of its Primary Financial Statements project, which is part of the Board’s work on ‘Better Communication in Financial Reporting’.

Contact:

UKEndorsementBoard@endorsement-board.uk

Key IASB Proposals

1. IASB proposal: Defined sub-totals and income and expense categories in the statement of profit or loss. UKEB final view: Support, with additional recommendations on definitions.
2. IASB proposal: Management performance measures presented in a single note to the financial statements, with restrictions on the presentation of management performance measures in the statement of profit or loss. UKEB final view: Support, with additional recommendations on definition, scope and alignment with existing regulatory requirements on management performance measures.
3. IASB proposal: Unusual items defined as those with ‘limited predictive value’ brought together in a single note, with restrictions on when unusual items can be disclosed in the statement of profit or loss. UKEB final view: Support, with additional recommendations on definition and application.
4. IASB proposal: Operating expenses to be analysed by nature, either on the face of the statement of profit or loss, or in a note. UKEB view: Support, while recommending additional field testing is done to evaluate cost-benefit.
5. IASB proposal: Associates and joint ventures to be classified as either integral or non-integral in the primary financial statements. UKEB final view: Recommend disclosure alternatives to meet this information need.

UKEB Secretariat outreach videos

General Presentation & Disclosure Webinar 1 - View Time 10 mins 

General Presentation & Disclosure Webinar 2 - View Time 8 mins  

General Presentation & Disclosure Webinar 3 - View Time 4 mins  

General Presentation & Disclosure Webinar 4 - View Time 7 mins  

General Presentation & Disclosure Webinar 5 - View Time 5 mins 

Outreach

UKEB outreach activities on this project included a survey, field-testing with preparers, roundtables, a joint panel event with IASB, and public consultation on the draft comment letter.