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Disclosure Initiative – Accounting Policies – International Accounting Standards Board

Date recorded:

At its meeting on June 23-25, 2020, the IASB discussed the feedback on its Exposure Draft, Disclosure of Accounting Policies, which proposed amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements. The Board tentatively decided (i) that all types of accounting policy information should be subject to materiality judgements. The concept of materiality would therefore apply when deciding whether to disclose accounting policy information that is standardized, or that duplicates or summarizes the requirements in IFRS Standards; (ii) that, at times, accounting policy information that is standardized, or that duplicates or summarizes the requirements in IFRS Standards, can be material and should be disclosed; (iii) to add a clarifying example of a circumstance to proposed paragraph 117B of IAS 1; (iv) to add an explanatory paragraph to the proposed amendments to IAS 1; and (v) to add further guidance to the proposed amendments to IFRS Practice Statement 2. The Board will consider whether to begin the balloting process for the amendments at a future meeting.

Correction list for hyphenation

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