Exploring Corporate Governance Around the World

By Allison Garrett, Senior Vice President for Academic Affairs at Oklahoma Christian University

Friday, March 17, 2006

Improved Presentation of Financial Statements: IASB Proposals

Yesterday, the IASB published proposals to improve the presentation of financial statements. This is part of the IASB's joint project with FASB to reconsider how information is presented, especially regarding income and expenses. Comments on the IASB's exposure draft are due by July 17.

Among the major proposals are:
1. that firms present income and expenses in either one or two statements separately from owner changes in equity;
2. that a statement of financial position at the beginning of the period be included in the financials; and
3. that the title "balance sheet" be changed to "statement of financial position."

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