In Phase B of the joint FASB-I

In Phase B of the joint FASB-IASB financial statementpresentation project, the Boards are planning to release a plan torecast financial statements into a new format. The proposed newformat of the statement of financial position would no longerdivide assets and liabilities into separate categories on thebalance sheet; rather, it groups assets and liabilities togetherunder the categories of operating, investing, and financingactivities while continuing to provide a separate section forstockholders’ equity.

Required: Discuss the proposed new format of the statement offinancial position


The following format which in the tabular format present thefinancial statement.

This table shows classification of assets and liabilities intothe various sections,

and majorily divided into three activities.

statement of

financial position

statement of

cash flow

statement of

comprehensive income

Business Business Business


Financing Financing
Income Taxes Income Taxes Income Taxes
Discontinued operations Discontinued operations Discontinued operations

The first column depicts financial position which have businesscategory shows operating and investing asssets and liabilities. 2ndcategory shows finacing assets and liabilities.

whereas The Second column depicts cash flow which have businesscategory shows operating and investing cash flows , 2nd categoryshows financing aseet and liabilities cash flow.

Last colonm of table depicts comprehensive income which hvebusiness category shows operating and investing income and expense,2nd category shows finnancial asset income and liabilitiesexpenses.

In the FASB-IASB financial statement presentation report, thepresentation of equity is shown seperatly.

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