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

Date recorded:

At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure project.  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.

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