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Disclosure Initiative — Overview - IASB

Date recorded:

At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure and Materiality subprojects.  Re Principles of Disclosure, the IASB tentatively decided that a general disclosure standard (such as IAS 1, Presentation of Financial Statements, or a replacement standard) should: (i) specify that the statements of financial position, profit or loss and other comprehensive income, changes in equity and cash flows are collectively the ‘primary financial statements’; (ii) always specify the intended location as either ‘in the primary financial statements’ or ‘in the notes’ when using the terms "present" or "disclose"; and (iii) include a description of the role of primary financial statements and the implications of a particular statement forming part of the primary financial statements. Re Materiality, the IASB considered, and expressed broad support for the direction and content of the proposed Practice Statement on the application of materiality. No decisions were made.

Read the IASB Update on the IASB's Web site.

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