After completing your accounting degree, you secured a graduate position at one of the top 4 accounting firms. You are part of the international strategy team that monitors the latest international developments. As your first task, you have been asked by your team leader to prepare a position paper on the new proposals found in IASB Exposure Draft 2019/17 General Presentation and Disclosures (ED/2019/7) as they would relate to profit & loss statements of non-banking clients without any equity-accounted associates and joint ventures. You are asked to prepare a report for presentation to other accounting staff. After some contemplation, you decide to focus on the following three points in your report:1) Provide an overview of the main aspects of the existing IAS 1 / AASB 101 profit or loss statement (and management performance measures) that ED/2019/7 proposes changes to, explaining the reasons for IASBs proposed changes; (2) Provide a summary of the key changes proposed in IFRS ED/2019/7 and how they address the perceived deficiencies identified in (1); (3) Provide a position statement on whether or not the changes discussed in (2) are an improvement in financial reporting. Discuss specific changes separately and highlight any potential drawbacks.