
The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary, aiming to enhance global alignment and improve the quality of narrative reports accompanying financial statements.
This revision addresses investor concerns about current practices and sets a global benchmark for regulators to update or develop national requirements and guidance.
The revised Practice Statement is also designed to serve as a comprehensive resource for companies, helping them meet investors’ information needs.
The IASB collaborated closely with the International Sustainability Standards Board (ISSB) to align their respective requirements, facilitating connected information across financial reports.
This effort also incorporates innovations in narrative reporting, including the Integrated Reporting Framework.
The ISSB, also an independent standard-setting organisation under the IFRS (International Financial Reporting Standards) Foundation like IASB, has welcomed the release of the IASB’s revised Practice Statement.

US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThis Practice Statement serves as a vital resource for enhancing connected reporting. It aims to improve the integration between financial statements and sustainability-related financial disclosures, exemplifying the collaborative efforts of both the IASB and the ISSB in promoting connectivity in reporting practices, ISSB stated.
In February 2025, the IASB published the third edition of the International Financial Reporting Standards (IFRS) for small and medium-sized enterprises (SMEs) Accounting Standard.
This marks the completion of its second comprehensive review, reflecting improvements made to full IFRS Accounting Standards.
The revised standard ensures financial reporting remains relevant and proportionate for smaller businesses, while incorporating targeted modifications.
In December 2024, IASB chairperson Andreas Barckow delivered an address at the EFRAG Conference, highlighting the importance of International Financial Reporting Standards (IFRS) in fostering transparency, trust, and competitiveness in global financial markets.