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

(a) all financial statements would adopt headings similar to the current format of the balance sheet.

(b) financial statements would be presented consistent with the way management usually run companies.

(c) companies would be required to report income statement line items by function only.

(d) the amount of detail shown in the income statement would decrease compared to current presentations.