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FASB, IASB Seek Feedback on Financial Statement Overhaul

Tammy Whitehouse | October 17, 2008

The International Accounting Standards Board and the Financial Accounting Standards Board have published a joint discussion paper offering their early ideas on how they’d like to redevelop the entire format of financial statement presentation.

The two boards took up a project to overhaul financial statements as users have complained that existing requirements allow too many alternatives and result in too much grouping of information where users would like to see more detail. Users say existing methods also result in inconsistent presentation, making it hard to comprehend the financial health of an entity just by looking at its financial statements. FASB and IASB also say existing accounting standards provide little guidance on how to arrange financial statements, and what’s provided is scattered across various standards.

The proposed format would arrange financial information into three...

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