Draft to replace IFRS Practice Statement 1
On 27 May 2021, the IASB published an exposure draft that is intended to replace IFRS Practice Statement 1 – Management Commentary, published in December 2010.
Keywords: Mazars, Thailand, IFRS, IASB
21 July 2021
The management commentary is generally viewed as a key document that complements the financial statements. The IASB’s proposals are intended to encourage entities to produce a single document that brings together all the information that is useful to investors for assessing an entity’s long term prospects in order to understand how the entity’s business model creates value and generates cash flows. The proposals focus particularly on improving information on the environmental and social impacts of an entity’s activities and on intangible elements that are not reflected in the balance sheet.
The revised Practice Statement would still not be mandatory, but would continue to provide a framework for publishing a management commentary, to which stakeholders may refer if they wish.
The comment period is open until 23 November 2021. Read the exposure draft here.
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