Disclosure initiative — Principles of disclosure - IASB

Date recorded:

At its meeting on June 24, 2015, the IASB was provided with an overview of the Principles of Disclosure project, summarizing the tentative decisions the IASB had made on the form and content of the planned Discussion Paper.  In addition, the IASB a) tentatively decided to retain the existing requirement to restate all comparative information within IAS 8, when an entity makes a change in accounting policy upon initial application of an IFRS; b) tentatively decided that a general disclosure Standard (IAS 1 or equivalent) should not include any additional guidance on the concept of comparability; c) observed that the use of the term 'alternative performance measures' is confusing and that the discussion in the Discussion Paper should instead focus on describing how performance measures can more generally be fairly presented in financial statements; and d) decided that the Discussion Paper should discuss guidance on non-recurring, unusual and infrequent items.

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