Identifying a performance obligation
IFRSAccurate and consistent revenue recognition is a cornerstone of sound financial reporting for all businesses, ensuring comparability across industries and markets.
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
Classification of income and expenses in the statement of profit or loss
IFRS 18In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, replacing IAS 1 ‘Presentation of Financial Statements’ for annual reporting periods beginning on or after January 1, 2027”.
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