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Disclosure initiative – Principles of Disclosure – International Accounting Standards Board

Date recorded:

At its meeting on June 20-21, 2018, the International Accounting Standards Board (the Board) tentatively decided that, when developing disclosure objectives and requirements in future, a member of the IFRS Taxonomy team will be assigned in an advisory capacity to each of the IASB's active projects. In addition, the Board tentatively decided that it will further develop a five-step approach to developing disclosure objectives and requirements. This will involve consideration of disclosure objectives and requirements at all stages of a project by: Step 1—understanding issues; Step 2—understanding what stakeholders want and why; Step 3—understanding what disclosures would be required to support proposed recognition and measurement requirements; Step 4—performing a cost/benefit analysis; and Step 5—understanding and documenting the effects of the proposed disclosure objectives and requirements.

Review the IASB Update and podcast on the Board's Web site.

Correction list for hyphenation

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