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HiI think it is very hard, mostly because it is a high-stakes test that uses subjective criteria to assess the speaking and writing components. I might award a band score of 7.5 for speaking, but the supervising examiner and audit examiner thinks that it is is a 6.5. If the audit examiners see these patterns too often for the same examiners, you may lose your job on performance grounds.My postdoctoral research looks exclusively at the issue of IELTS and the challenges involved for test-takers and examiners. The Exposure Draft section of this project outlines this progress.IELTS review project for examinersAll the bestJay

The reason is described at length in Basis of Conclusions of IAS 1 para BC14 - BC21. In summary, IASB views that the new title better reflects the function of the financial statement. The old title pretty much describes the structure of the statement not so about the function. The board is also in opinion that the new title is more consistent with the references made in the IFRS Framework and what people use to describe on the objective of the statement which is no other than to present the financial position of an entity.The relevant excerpts from the standards are as follows for your convenience. Hope this helps.Titles of financial statements.[BC14] The exposure draft of 2006 proposed changes to the titles of some of the financial statements—from 'balance sheet' to 'statement of financial position', from 'income statement' to 'statement of profit or loss' and from 'cash flow statement' to 'statement of cash flows'. In addition, the exposure draft proposed a 'statement of recognised income and expense' and that all owner changes in equity should be included in a 'statement of changes in equity'. The Board did not propose to make any of these changes of nomenclature mandatory.[BC15] Many respondents opposed the proposed changes, pointing out that the existing titles had a long tradition and were well understood. However, the Board reaffirmed its view that the proposed new titles better reflect the function of each financial statement, and pointed out that an entity could choose to use other titles in its financial report.[BC16] The Board reaffirmed its conclusion that the title 'statement of financial position' not only better reflects the function of the statement but is consistent with the Framework for the Preparation and Presentation of Financial Statements, which contains several references to 'financial position'. Paragraph 12 of the Framework states that the objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity; paragraph 19 of the Framework states that information about financial position is primarily provided in a balance sheet. In the Board's view, the title 'balance sheet' simply reflects that double entry bookkeeping requires debits to equal credits. It does not identify the content or purpose of the statement. The Board also noted that 'financial position' is a well-known and accepted term, as it has been used in auditors' opinions internationally for more than 20 years to describe what the 'balance sheet' presents. The Board decided that aligning the statement's title with its content and the opinion rendered by the auditor would help the users of financial statements.[BC17] As to the other statements, respondents suggested that renaming the balance sheet the 'statement of financial position' implied that the 'cash flow statement' and the 'statement of recognised income and expense' do not also reflect an entity's financial position. The Board observed that although the latter statements reflect changes in an entity's financial position, neither can be called a 'statement of changes in financial position', as this would not depict their true function and objective (ie to present cash flows and performance, respectively). The Board acknowledged that the titles 'income statement' and 'statement of profit or loss' are similar in meaning and could be used interchangeably, and decided to retain the title 'income statement' as this is more commonly used.[BC18] The title of the proposed new statement, the 'statement of recognised income and expense', reflects a broader content than the former 'income statement'. The statement encompasses both income and expenses recognised in profit or loss and income and expenses recognised outside profit or loss.[BC19] Many respondents opposed the title 'statement of recognised income and expense', objecting particularly to the use of the term 'recognised'. The Board acknowledged that the term 'recognised' could also be used to describe the content of other primary statements as 'recognition', explained in paragraph 82 of the Framework, is 'the process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the criteria for recognition set out in paragraph 83.' Many respondents suggested the term 'statement of comprehensive income' instead.[BC20] In response to respondents' concerns and to converge with SFAS 130, the Board decided to rename the new statement a 'statement of comprehensive income'. The term 'comprehensive income' is not defined in the Framework but is used in IAS 1 to describe the change in equity of an entity during a period from transactions, events and circumstances other than those resulting from transactions with owners in their capacity as owners. Although the term 'comprehensive income' is used to describe the aggregate of all components of comprehensive income, including profit or loss, the term 'other comprehensive income' refers to income and expenses that under IFRSs are included in comprehensive income but excluded from profit or loss.[BC20A] In May 2010 the Board published the exposure draft Presentation of Items of Other Comprehensive Income (proposed amendments to IAS 1) relating to the presentation of items of other comprehensive income (OCI). One of the proposals in the exposure draft related to the title of the statement containing profit or loss and other comprehensive income. The Board proposed this change so that it would be clear that the statement had two components: profit or loss and other comprehensive income. A majority of the respondents to the exposure draft supported the change and therefore the Board confirmed the proposal in June 2011. IAS 1 allows preparers to use other titles for the statement that reflect the nature of their activities.[BC20B] Several other IFRSs refer to the 'statement of comprehensive income'. The Board considered whether it should change all such references to 'statement of profit or loss and other comprehensive income'. The Board noted that the terminology used in IAS 1 is not mandatory and that 'statement of comprehensive income' is one of the examples used in the standard. The Board decided that there was little benefit in replacing the title 'statement of comprehensive income' in other IFRSs or 'income statement' with the 'statement of profit or loss'. However, the Board did change the terminology when an IFRS made reference to the two-statement option.[BC21] In finalising its revision, the Board confirmed that the titles of financial statements used in this Standard would not be mandatory. The titles will be used in future IFRSs but are not required to be used by entities in their financial statements. Some respondents to the exposure draft expressed concern that non-mandatory titles will result in confusion. However, the Board believes that making use of the titles non-mandatory will allow time for entities to implement changes gradually as the new titles become more familiar.

You may refer to Bank Negara Malaysia policy framework available here. [1]Exposure Drafts on Islamic Financial Contracts (Shariah Requirements and Optional Practices)As part of the objective to strengthen the Shariah-compliance culture among Islamic financial institutions (IFIs), Bank Negara Malaysia (the Bank) is issuing a series of policy documents on Shariah contracts to enhance the end-to-end compliance with Shariah.These Exposure Drafts (EDs) outline the Shariah requirements and optional practices relating to wadi`ah, hibah, kafalah, wakalah, wa`d, tawarruq and bai` `inah respectively to facilitate IFIs in developing Islamic financial services and products.Ref:1. http://www.bnm.gov.my/index.php?ch=en_announcement&pg=en_announcement_all&ac=269