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The International Accounting Standards Board (IASB) has completed its technical decision-making on the revised IFRS Practice Statement 1 Management Commentary. The IASB will now move into the drafting phase, with the updated Practice Statement expected to be published in the first half of 2025.
The decision to improve the existing Practice Statement responds to the demand for better information about the factors that have affected or could affect a company’s ability to create value and generate cash flows, including in the long term. In finalising the project, the IASB made targeted improvements to its proposals to support alignment with IFRS Sustainability Disclosure Standards and improve connectivity in companies’ reports. The publication of this Practice Statement will also provide a stepping stone towards greater integration in reporting in the future.
The IASB intends for the revised Practice Statement to provide a comprehensive resource for regulators and companies to support improvement and greater global alignment in management commentary and similar reports.
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