Under the new format for financial statements being proposed under a joint IASB/FASB project

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The new format for financial statements being proposed under a joint IASB/FASB project aims to present financial statements in a way consistent with the way management usually run companies. This means that financial statements would no longer be required to follow a strict format, and instead would be presented in a way that reflects the unique management structure and operating style of each company. While the amount of detail shown in the income statement may vary depending on the company, it is unlikely that it would decrease overall. Companies would also be required to report income statement line items by both function and nature. The new format would not adopt headings similar to the current format of the statement of financial position balance sheet, as the focus is on presenting financial statements in a more flexible and user-friendly way.

Under the New Format for Financial Statements Being Proposed Under