Primary Financial Statements

The Board revisited some of its earlier work on requiring sub-totals in the Income Statement, including one similar to Earnings Before Interest and Tax (EBIT), which had been developed for non-financial services companies, and discussed how these requirements could be applied to companies in financial services or to conglomerates with mixed activities. It also discussed presentation of unusual and infrequent items, and distinguishing between integral and non-integral associates and joint-ventures. Finally, it decided that it has made enough progress in its work to move this research project to the standard-setting phase.