Primary Financial Statements outreach feedback

The current state of play and areas for development

The Primary Financial Statements (PFS) project is probably the most important project that the IASB is seeking to complete this year. It will address investors' concerns about the lack of comparability and transparency in the way companies report their performance, with a focus on income statements - the board will work on cash flow statements separately in the future. Given the far-reaching nature of the changes that the board will introduce, the last months of 2022 were used to perform outreach with a wide range of stakeholders to assess whether they supported the project direction. In January 2023, the board received a summary of feedback from the many events and meetings that had taken place. This article provides an overview of the current state of play and the areas that require further consideration.