BC4 In December 2019 the IASB published the Exposure Draft General Presentation and Disclosures (Exposure Draft). The Exposure Draft included a proposal to replace IAS 1 with a new Standard, together with proposed limited amendments to IAS 7 Statement of Cash Flows. The proposed new Standard would comprise:
(a) new presentation and disclosure requirements; and
(b) requirements brought forward from IAS 1, with a few wording changes.
BC5 The main presentation and disclosure requirements proposed in the Exposure Draft related to:
(a) subtotals in the statement of profit or loss (see paragraphs BC7-BC8);
(b) roles of the primary financial statements and the notes, aggregation and disaggregation (see paragraphs BC9-BC10); and
(c) management-defined performance measures (see paragraph BC11).
BC6 Research and meetings with stakeholders revealed the potential costs to preparers that could result from responding to the need for change. In developing the proposals in the Exposure Draft, the IASB
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