Disclosure Initiative - Amendments to IAS 1 - IDG

Date recorded:

At its meeting on December 3, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed the disclosure of Significant Accounting Policies and whether it is necessary to disclose all of an entity’s significant accounting policies. Group members supported the view that, yes, an entity is required to disclose all of its significant accounting policies. Group members also noted that some entities include boilerplate disclosures that are not geared to their own circumstances. Therefore, it is important that entities not only describe accounting policies that are significant to its operations, but also tailor the description to explain how the policies are applied to the entity’s operations so that it provides useful, concise information to users. The Group’s discussion raises awareness about this item. No further action was recommended to the AcSB.

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

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