In a first step toward the creation of a new standard, the FASB and IASB have issued a Discussion Paper on financial statement presentation. The new standard would require an entity to present a single set of financial statements that more clearly and cohesively depicts its financial picture. The boards believe that a single financial statement presentation model would enhance the usefulness of financial information by increasing financial statement comparability and consistency within and across entities. Key proposals in the Discussion Paper are summarized.
Volume 15 Heads Up
Issue 40 (Deloitte, November 10, 2008)