IFRS Press Release

IASB Chair: PFS—a game changer in financial reporting?

Hans Hoogervorst, Chair of the International Accounting Standards Board (Board), has today in a speech delivered in Mexico asked whether the Board's Primary Financial Statements (PFS) project can be a game changer in financial reporting.

Speaking at a conference on financial reporting in Mexico City, hosted by the Mexican national accounting standard-setter, Consejo Mexicano de Normas de Información Financiera (CINIF), Mr Hoogervorst summarised the work done on the Board's PFS project.

This is a project the Board is undertaking to provide better formatting and structure in IFRS financial statements, including introducing more subtotals in the income statement, which is something both companies and investors have called for.

Mr Hoogervorst said:

“We will create much more structure in the income statement and will definitely enhance comparability. The improved structure will make it much easier for users to find the components for the analysis that they prefer. The increased transparency around the adjustments that companies make in their non-GAAP measures will provide the investor with a lot of information about the underlying strategy of management.”

The full speech can be found here.

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