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Disclosure initiative — Principles of disclosure (including the Standards-level Review of Disclosures) - IASB

Date recorded:

At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure projects. 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.

Review the IASB Update.

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