• Register
Return to: Home > News > Standards > IASB proposes amendments to IAS 1

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.

Related link

IASB

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.