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IASB proposes amendments to IAS 1

The International Accounting Standards Board (IASB) has released a public exposure draft outlining amendments to IAS 1: presentation of financial statements.

IAS 1 was first issued in 2007, and sets out the overall requirements for financial statements, including how they should be structured and giving certain minimum requirements in content.

The IASB said the proposed amendments were meant to "address some concerns expressed about existing presentation and disclosure requirements and to ensure entities are able to use judgement when preparing their financial statements".

The proposed amendment includes a clarification over the materiality requirements in IAS 1, including an emphasis on the potentially detrimental effect of overwhelming useful information with immaterial information.

The amendment also introduces a requirement for how an entity should present subtotals in the statement of profit of loss and other comprehensive income and the statement of finical position, however it also clarifies these can be disaggregated.

It also clarifies that entities have flexibility as to the order in which they present the notes, and removes "potentially unhelpful guidance" from IAS1 for identifying a significant accounting policy.

The deadline for comment is 23 July 2014.

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