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;and
  • Limited changes to the Statement of Cash Flows and Statement of Financial Position.


The ED is open for comment until 30 June 2020.

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