The IASB and FASB are currently studying the issue of reporting financial performance. Instructions Go to the
Question:
Instructions
Go to the IASB website (www.ifrs.org) and download the Discussion Paper: Preliminary Views on Financial Statement Presentation from October 2008.
(a) Explain the proposed presentation model for the statement of comprehensive income. Why has the Board decided on this format? What are the main income statement categories that are being proposed? Discuss whether these categories will improve financial reporting.
(b) Why is disaggregation so important? What disaggregation is proposed? Give three examples of this disaggregation of operating revenue and expenses using the sample statements in the appendix to the report. Is this useful?
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a First of all it is proposed that the statement of comprehensive income will be a single statement with a subtotal for profit or loss or net earnings for the period and a final total for comprehensiv...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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