International Accounting Boards to create Advisory Group.

• Position: National

The International Accounting Standards Board (IASB), the United Kingdom Accounting Standards Board (ASB), and the United States Financial Accounting Standards Board (FASB) (collectively, the Boards) are forming an International Advisory Group to assist the Boards in their project to improve the information presented in the financial statements of business enterprises.

The Advisory Group is intended to improve the display of information in the primary financial statements in order to enhance communication between reporting enterprises and users of financial statements. The project aims to better enable investors, creditors, and others to evaluate an enterprise's financial performance.

Motivations for the project include the following:

* There are different primary financial statements and different time periods for comparative data currently required in different jurisdictions.

* There is no consensus on standard definitions for key financial metrics or indicators of financial performance, which financial statements should provide.

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