The revised IFRS Practice Statement supports improvements to and greater global alignment in management commentary and narrative reports accompanying the financial statements. The IASB carried out a major overhaul of the Practice Statement to help improve the quality and focus of information provided to investors.
For copyright reasons, IFRS Practice Statement 1 is not available from the AASB portal, as the AASB has not issued an Australian version.
A link is provided in the right-side panel to the relevant page of the IFRS Foundation website. IFRS Practice Statement 1 is available from that website only to subscribers to IFRS Standards or to purchasers via the IFRS Foundation's online shop.
Preamble
Pronouncement
In developing the revised Practice Statement, the IASB worked closely with the International Sustainability Standards Board (ISSB) to help align the two boards’ respective requirements and to facilitate connected information across a company’s financial reports. The IASB’s work on updating the Practice Statement also draws on innovations in narrative reporting, including the Integrated Reporting Framework.
A Practice Statement is non-mandatory guidance. It is not a Standard. Therefore, its application is not required in order for an entity to state compliance with IFRS Accounting Standards or Australian Accounting Standards.