Disclosure initiative — Targeted Standards-level Review of Disclosures – International Accounting Standards Board
Date recorded:
At its meeting on May 22, 2018, the Board tentatively decided that when developing and drafting disclosure requirements in future, the Board will:
- base all disclosure requirements on one or more specific disclosure objectives. These objectives should explain why the information is useful to the primary users of financial statements, and what primary users of financial statements are expected to do with the information; and
- draft all disclosure requirements so they explicitly state the underlying objective(s) and clearly link each item of information included in disclosure requirements with the related objective(s).
The Board also tentatively decided that it will continue to use high-level disclosure objectives within individual IFRS Standards. The purpose of these objectives would be to prompt entities to consider the overall disclosure relating to a particular topic in their financial statements and whether the information provided meets user information needs for that topic. The Board expects to continue its discussion on guidance for the Board to use when developing and drafting disclosure requirements at future meetings.
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