A statement of financial position as at the beginning of the earliest comparative period (paragraphs 37-40)
BCZ64 The 2006 Exposure Draft proposed that a statement of financial position as at the beginning of the earliest comparative period should be presented as part of a complete set of financial statements. This statement would provide a basis for investors and creditors to evaluate information about the entity's performance during the period. However, many respondents expressed concern that the requirement would unnecessarily increase disclosures in financial statements, or would be impracticable, excessive and costly.
BCZ65 By adding a statement of financial position as at the beginning of the earliest comparative period, the 2006 Exposure Draft proposed that an entity should present three statements of financial position and two of each of the other statements. Considering that financial statements from prior years are readily available for financial analysis, the IASB decided t
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