The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to revise IFRS Practice Statement 1 Management Commentary (Practice Statement). This Practice Statement sets out a non-binding framework for preparing management commentary on financial statements prepared applying IFRS Standards.
The revised Practice Statement is intended to help entities prepare management commentaries that better meet the information needs of the primary users of financial reports.
The Practice Statement is not an IFRS standard. Consequently, entities applying IFRSs are not required to comply with the Practice Statement, unless specifically required by their jurisdiction.