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The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary. The revised Practice Statement supports improvements to and greater global alignment in management commentary and narrative reports accompanying the financial statements.
Investors had highlighted shortcomings in current practice. In response, the IASB carried out a major overhaul of the Practice Statement to help improve the quality and focus of information provided to investors.
The IASB intends for the revised Practice Statement to serve as a global benchmark for regulators to use in updating or developing their national requirements and guidance. It would also provide a comprehensive resource for companies to help meet investors’ information needs.
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