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Facebook is experimenting with a lot of mobile-centric ideas, aiming to take the social network’s presence beyond just Facebook.  Although it has reportedly been in the works for well over a year, it appears as though Facebook is working on a news aggregating app.

Now according to a report from The Wall Street Journal, Facebook is developing a new tool that focuses on news consumption in order to re-shape its identity as a social network, like Twitter, that can compete in the news consumption space. The project, which is reportedly called “Reader,” would be a feature that runs on Apple’s iOS Devices such as the iPhone, iPad, and iPod touch.

The social network has been quietly working on a service, internally called Reader, that displays content from Facebook users and publishers in a new visual format tailored for mobile devices, people with knowledge of the matter said.

The project, which the company has been developing for more than a year, is designed to showcase news content in particular. Recent versions of Reader resemble Flipboard Inc., a smartphone and tablet app that aggregates stories from multiple sources and lets users swipe to flip through articles, said the people with knowledge of the project.

While it’s unclear when Facebook will be ready to unveil the product, if it ever is, the Reader project is a sign the company is trying to get users to spend more time with it on mobile devices—and to see more ads.

Facebook is clearly making an initiative to be more than just a social network to share photos and statuses

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