IFRS Newsletter - 06/2010
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In this issue:
- IASB proposes changes to the presentation of profit or loss and other comprehensive income in IAS 1.
Exposure Draft eliminates presenting two separate statements. The ED also proposes the separate presentation in other comprehensive income of items that will be reclassified to profit or loss in a subsequent period.
- IASB issues revenue recognition exposure draft.
The IASB and FASB objectives are to develop a common, comprehensive, principles-based revenue standard that can be applied consistently to complex transactions across a wide range of industries. The Boards believe that the proposals would be a significant improvement over the current revenue recognition guidance that can be vague, inconsistent and difficult to apply to complex transactions.