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Hoogervorst plans effort to revise look of financial statements.

Hoogervorst plans effort to revise look of financial statements. The IASB has decided that its priorities for the next few years will include an effort to rework the look of financial statements and make them easier for investors to use. As part of the effort, the IASB plans to consider producing new guidance for how cash flow statements and balance sheets should look. "The big questions here are to what extent the board should provide more structure to the statements of profit or loss, including the use of subtotals," IASB Chairman Hans Hoogervorst said at a Zurich conference sponsored by the accounting board's parent organization, the IFRS Foundation on June 30. Terms like revenue, profit, and loss are defined in IFRS, but other terms that are also widely employed, such as operating income, as well as non-GAAP measurements, like earnings before interest, taxes, depreciation, and amortization (EBITDA), are not. Hoogervorst said the board might look to develop principles-based definitions of such key terms.

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Title Annotation:IASB News
Publication:The CPA Journal
Article Type:Brief article
Geographic Code:1USA
Date:Aug 1, 2016
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