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05 July 2018
IASB chair, Hans Hoogervorst, outlined how primary financial statements in occupying the boards mind at present.He explained at the recent Frankfurt conference that the object of the current PFS project is to provide better formatting and structure in IFRS Financial Statements, especially in the income statement. Hoogervorst said: “Currently the IFRS income statement is relatively form-free. We define revenue and profit or loss but not all that much in between, while both prepares and investors like to use subtotals to better explain and understand performance.” The IASB may, he revealed, introduce around 4 or 5 additional subtotals, including ones that come close to operating profit and earnings before interest and tax, or EBIT. It is also thinking about defining some new line items, especially regarding financing and investing activities.
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