WG 53 Financial Statement Presentation (formerly known as Performance Reporting)

Chairman: Tengku Dato' Sri Azmil Zahruddin Raja Abdul Aziz; Project Manager: Mr. Danny Tan Boon Wooi

WG 53 was set up to review the presentation, disaggregation and classification of financial performance. The main focus of the project is the development of a single statement of comprehensive income. This proposal entails changes to the format of the statement of income and the basis on which items of income and expense are categorised. It is expected that there will be consequential changes to the statement of changes in equity, the cash flow statement and possibly the balance sheet as well. The working group has reviewed IASB's IAS 1 Presentation of Financial Statements (revised) which was recently issued as a MASB ED 61 Presentation of Financial Statements.

WG 53 also reviewed IASB Discussion Paper: Preliminary Views on Financial Statement Presentation (known as Phase B) on a proposed model for presenting information in the financial statements. The model is designed to make an entity's financial statements more useful by requiring entities to provide detailed information organized in a manner that clearly communicates an integrated (cohesive) financial picture of an entity.