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Disclosure Initiative - Amendments to IAS 1 - IDG

Date recorded:

At its meeting on June 12, 2014, the Group members of the AcSB’s IFRS Discussion Group (IDG) made the following observations: (i) financial statements are a communications tool; (ii) IFRS requirements relating to non-GAAP and additional GAAP measures should not be applied with a checklist mentality; and (iii) financial reporting in this area is evolving positively. In summary, together, the guidance in IAS 1 and other IFRSs, the Exposure Draft proposals and the Staff Notice comprise the current body of material to be considered by preparers when deciding on disclosures for non-GAAP and additional GAAP measures. The Group did not recommend any further action be taken on this issue at this time. However, the Group noted that future developments in this area would provide the opportunity for further discussion on this topic at a later date.

Further, the Group members discussed the opening statement of financial position and noted that this issue is not about whether the information contained in the opening statement of financial position is audited. The statement is audited along with all information included in an entity’s financial statements. Rather, the issue at hand is whether the auditor’s report should make reference to the opening statement of financial position as being prepared in accordance with IFRSs. The majority of Group members did not express a preference. The Group did not recommend any further action be taken on this issue at this time.

Review the IFRS Discussion Group on the AcSB's Web site.

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