The International Accounting Standards Board (IASB) announced on September 18, 2006, that the last formal meeting of the Financial Statement Presentation working group was held on September 15, 2006. The audio playback of the meeting is now available on the IASB website.

The Financial Statement Presentation project is a joint project between the IASB and the United States Financial Accounting Standards Board (FASB), which was decided on last March. Further, the project was undertaken to establish a common, high quality standards of presentation of information in the financial statements. The objectives of this jointly project are to :

(a)    Understand an entity’s present and past financial position

(b)    Understand the past operating, financing, and other activities that caused an entity’s financial position to change and the components of those changes

(c)     Use that financial statement information (along with information from other sources) to assess the amounts, timing, and uncertainty of an entity’s future cash flows

The United States Financial Accounting Standards Board (FASB) has been the designated organization in the private sector in the US for establishing standards of financial accounting and reporting.

The International Accounting Standards Board (IASB) is committed to developing in the public interest a single set of high quality global accounting standards.

For more information please visit the following website: www.iasb.org