Disclosure Initiative — Overview - IASB

Date recorded:

At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure and Materiality projects. Re Materiality, the members of the IASB confirmed that they are satisfied that the IASB has completed all of the necessary due process steps to date. The IASB therefore instructed the staff to commence the balloting process for the ED. The IASB also tentatively decided that a general disclosure Standard (such as IAS 1, Presentation of Financial Statements or a replacement Standard) should include proposed amendments to the definition of materiality and clarifying paragraphs on the key characteristics of materiality. Re Principles of Disclosure, the IASB tentatively decided that the Principles of Disclosure Discussion Paper should include proposed amendments to the materiality and aggregation section of IAS 1, Presentation of Financial Statements. Those amendments would provide additional guidance on: (i) when an item should be separately presented in a primary financial statement or in the notes; and (ii) how much detail should be disclosed in the notes with regard to a specific disclosure requirement. The IASB also tentatively decided that a general disclosure standard (such as IAS 1 or a replacement Standard) should include: (i) a description of the role of the notes; and (ii) a central set of disclosure objectives built on the objective of Financial Statements and the role of the notes.  The IASB will continue its discussion of issues related to the Principles of Disclosure project at its May meeting.

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