In this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. The IASB is also proposing limited changes to the statement of cash flows and the statement of financial position. The ED requires companies to:
The IASB proposes to issue a new IFRS Standard, replacing IAS 1 Presentation of Financial Statements, and seek responses to 14 specific questions identified in the ED.
In order to enable Indian entities to derive benefits of globally acceptable framework, it is needed to remain IFRS-converged, and therefore, consequential change in Ind AS 1, Presentation of Financial Statements will be made in Indian Context.
Invitation to comment
ASB invites comments on the ED from the public. The downloadable version is available at : https://resource.cdn.icai.org/57876asb47127.pdf
How to comment
Comments should be submitted using one of the following methods, so as to be received not later than March 20, 2020.
|1. Electronically:||Visit at the following link (Preferred method):
|2. Email:||Comments can be sent to: firstname.lastname@example.org|
|3. Postal:||Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
New Delhi 110 002
Further clarifications on this ED may be sought by e-mail to email@example.com