IFRS Practice Statement

December 2010

IFRS Practice Statement

Management Commentary
A framework for presentation

International Accounting Standards Board (IASB)
The IASB is the independent standard-setting body of the IFRS Foundation 30 Cannon Street | London EC4M 6XH | United Kingdom
Telephone: +44 (0)20 7246 6410 | Fax: +44 (0)20 7246 6411
Email: info@ifrs.org | Web: www.ifrs.org
Publications Department
Telephone: +44 (0)20 7332 2730 | Fax: +44 (0)20 7332 2749
Email: publications@ifrs.org

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IFRS Practice Statement

Management Commentary
A framework for presentation

This IFRS Practice Statement Management Commentary is issued by the International Accounting Standards Board (IASB).
30 Cannon Street, London EC4M 6XH, United Kingdom.
Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411
Email: iasb@ifrs.org Web: www.ifrs.org
ISBN: 978-1-907026-56-0
Copyright © 2010 IFRS Foundation®
The IASB, the IFRS Foundation, the authors and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

IASB publications are copyright of the IFRS Foundation. The approved text of Management Commentary is that issued by the IASB in the English language. Copies may be obtained from the IFRS Foundation Publication Department. Please address publication and copyright matters to:

IFRS Foundation Publications Department,
1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom. Tel: +44 (0)20 7332 2730 Fax: +44 (0)20 7332 2749
Email: publications@ifrs.org Web: www.ifrs.org

All rights reserved. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IFRS Foundation.

The IFRS Foundation logo/the IASB logo/‘Hexagon Device’, ‘IFRS Foundation’, ‘eIFRS’, ‘IAS’, ‘IASB’, ‘IASC Foundation’, ‘IASCF’, ‘IFRS for SMEs’, ‘IASs’, ‘IFRIC’, ‘IFRS’, ‘IFRSs’, ‘International Accounting Standards’, ‘International Financial Reporting Standards’ and ‘SIC’ are Trade Marks of the IFRS Foundation.

MANAGEMENT COMMENTARY

CONTENTS

paragraphs

INTRODUCTION

IFRS PRACTICE STATEMENT MANAGEMENT COMMENTARY
OBJECTIVE

1

SCOPE

2–4

IDENTIFICATION OF MANAGEMENT COMMENTARY

5–7

USERS OF MANAGEMENT COMMENTARY

8

FRAMEWORK FOR THE PRESENTATION
OF MANAGEMENT COMMENTARY

9–23

Purpose

9–11

Principles

12–21

Presentation

22–23

ELEMENTS OF MANAGEMENT COMMENTARY
Nature of the business

24–40
26

Objectives and strategies

27–28

Resources, risks and relationships

29–33

Results and prospects

34–36

Performance measures and indicators

37–40

APPLICATION DATE

41

APPENDIX: Defined terms
BASIS FOR CONCLUSIONS

3

© IFRS Foundation

IFRS PRACTICE STATEMENT—DECEMBER 2010

The IFRS Practice Statement Management Commentary is set out in paragraphs 1–41 and the Appendix. Terms defined in the Appendix are in italics the first time they appear in the Practice Statement. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. The Practice Statement should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting.

© IFRS Foundation

4

MANAGEMENT COMMENTARY

Introduction
Purpose of the Practice Statement
IN1

The IFRS Practice Statement Management Commentary provides a broad, non-binding framework for the presentation of management
commentary that relates to financial statements that have been prepared in accordance with International...
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