IASB issues narrative reporting guide.


The International Accounting Standards Board (IASB) has published an International Financial Reporting Standard (IFRS) Practice Statement Management Commentary, which offers a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared under IFRS.


The Practice Statement is not an International Financial Reporting Standard, which means that companies are not obliged to adhere to it in order to remain IFRS-compliant. "Management commentary is one of the most interesting parts of the annual report," said Sir David Tweedie (pictured), chairman of the IASB, when launching the Statement on December 8. "It provides management with...

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