Disclosure Initiative - Amendments to IAS 1 - IDG
At its meeting on May 14, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed whether they anticipate significant changes in practice as a result of the amendments. Group members did not expect a drastic change in the way information is reported because entities have adopted a balanced approach in the use of aggregation and subtotals. Preparers are encouraged to apply professional judgment in deciding what information is needed and how best to present or disclose it in the financial statements. As a result, it is important for a preparer to consider the structure of the note disclosures to identify redundant information, along with considering what is relevant or material to improve the understandability of financial statements for 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.
