Link: IAS campaign special
The standard, a joint project with the UK Accounting Standards Board, would replace the profit and loss account and the statement of total recognised gains and losses with a matrix format income statement. The project is expected to cause huge controversy and has already hit problems, with those testing the proposals struggling with the new format.
‘We may have been a bit ambitious on the dates we originally set, but the project is soldiering on,’ said Kevin Stevenson, director of technical activities at the IASB.
The project for reporting comprehensive income is due for a review soon and a decision to delay the project could be made at that stage. The standard was not due to be mandatory for 2005, but had been expected to be available to early adopters at that time.