Replacing IAS 1

The IASB introduces a definition for unusual income and expenses and requirements for disclosures. The proposed definition is based on the predictive value of unusual income and expense items. Investment funds have income and expenses with a low predictive value in their ordinary course of business. Therefore, we deem a definition based solely on the limited predictive value to be insufficient for entities like investment funds. We expect that this will lead to numerous audit questions and discussions on items that reasonably fall within the ordinary course of business and what is classified as unusual. Parties involved with the reporting and its audit might very well have a different views on the distinction.