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ATTACHMENT E—Exhibit 1 FINANCIAL STATEMENT PRESENTATION PROJECT Phase B: Summary of Tentative Preliminary Views and Illustrative Sample Financial Statements Reflective of Meetings through May 16, 2007 June 2007 BACKGROUND AND OBJECTIVE1. The financial statement presentation project is a joint project between the International Accounting Standards Board (the IASB) and the Financial Accounting Standards Board (the FASB) (collectively, the Boards). Since April 2006, the Boards have been discussing fundamental issues related to the presentation and display of information in each of the basic financial statements (Phase B). The Boards’ goal is to issue an initial discussion document on those issues in the fourth quarter of 2007. That discussion document will be in the form of a Discussion Paper for the IASB and a Preliminary Views document for the FASB. 2. The Boards took on this joint project to establish a common, high-quality standard for presentation of information in the basic financial statements, including the classification and display of line items and the aggregation of line items into subtotals and totals. The objective of this standard is to present information in the individual financial statements (and among the financial statements) in ways that improve the ability of investors, creditors, and other financial statement users 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.
PROJECT WORKING PRINCIPLES
3. Financial statements should present information in a manner that: a. Portrays a cohesive financial picture of an entity. b. Separates an entity’s financing activities from its business and other activities and...
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