From the International Accounting Standards Board website (www.iasb.co.uk), access the Discussion Paper: Preliminary Views on Financial Statement Presentation dated October 2008 (or if out in Exposure Draft, the most updated version).

Instructions
(a) 'What is the proposed new format for the Statement of Financial Position? Explain the different classification and categories that will be used. Identify the types of assets and liabilities to be included in each section.
(b) Why has the IASB determined that a new format is required for the presentation of a company's financial position?
(c) Discuss the advantages and disadvantages of this new presentation.