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FASB/IASB Financial Statement Project

Tuesday, April 14, 2009

The FASB and the IASB has been involved in a joint project related to Financial Statement presentation. The purpose of this joint project is to establish a standard that will guide an organization and presentation of information in the financial statements. The results of this project will directly affect how the management of an entity communicates financial statement information to users of financial statements, such as present and potential equity investors, lenders, and other creditors. The Boards’ goal is to improve the usefulness of the information provided in an entity’s financial statements to help users make decisions in their capacity as capital providers.

On October 16, 2008, both Boards published for public comment, a discussion paper, Preliminary Views on Financial Statement Presentation. The comment period ended on April 14, 2009. IMA’s Financial Reporting and Small Business Committees submitted comment letters to the FASB and IASB in response to the Preliminary Views document. Copies of the letters can be found on IMA’s website in the Professional Advocacy section, under Financial Reporting Committee Position Letters and under Small Business Financial and Regulatory Affairs Committee.