Speaking at the AICPA and CIMA Conference, the chair of the IASB, Andreas Barckow said that the primary financial statements project consists of three key elements - creating a better structure for the statement of profit or loss by introducing an operating, investing and financing category of income and expenses and requiring companies to present two new subtotals; improving the way companies aggregate and disaggregate information; and requiring the disclosure of information of some management-defined performance measures.

The IASB has also proposed limited changes to the statement of cash flows to improve consistency in classification by removing certain reporting options.