IFRS Alert: IASB proposes major changes to the primary statements and notes

Executive summary

In December 2019 the International Accounting Standards Board (IASB) published an Exposure Draft ‘General Presentation and Disclosures’ (General Presentation ED). The General Presentation ED proposes to replace IAS 1 ‘Presentation of Financial Statements’ with a new IFRS and amend several other IFRS Standards.

 The impact of the proposals would include: 

  • Changes to the structure of the Statement of Profit and Loss
  • More minimum subtotals, including a subtotal for Operating Profit
  • New requirements on disaggregating information in the financial statements
  • New disclosures about unusual items, management performance measures and the analysis of expenses
  • Limited changes to the Statement of Cash Flows and Statement of Financial Position

The ED is open for comment until 30 June 2020.

Related content

View more


Get the latest information in your inbox.

Subscribe to receive relevant and timely information and event invitations.