IASB/FASB vision of financial statement presentation

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are unveiling their vision of the future of financial statement presentation. Launched in 2004, the joint IASB/FASB effort first concentrated on the income statement (the presentation of income and expenses) but has now been broadened to include the complete set of financial statements. In May 2007, the two bodies posted an update on the IASB website and the FASB website detailing the progress and offering tentative examples of what financial statements might look like in the future.