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IFRS Advisory Council to discuss disclosure of sensitive information

  • IFRS - IASB Image

Mar 11, 2019

On March 11, 2019, the IFRS Foundation published the agenda papers for the IFRS Advisory Council meeting to be held on March 19-20, 2019. Included on the agenda is a session to discuss the disclosure of sensitive information.

The IFRS Advisory Council is the formal advisory body to the International Accounting Standards Board (Board). It consists of a wide range of representatives, comprising individuals and organizations with an interest in international financial reporting. The focus of the Advisory Council is to provide strategic support and advice.

The nature of the sensitive information to be discussed at the meeting is information whose disclosure could result in commercial loss to an entity. Examples of such items include details of litigation under IAS 37 and segment information under IFRS 8.

The agenda papers for the discussion note that the IASB has various projects focused on presentation and disclosure currently underway: (i) goodwill and impairment; (ii) management commentary; (iii) disclosure initiative – primary financial statements; and (iv) dynamic risk management. In the past, preparers have often raised the issue of sensitive information in their feedback on Exposure Drafts; however, this information may be material to investors.

The agenda papers also note that the purpose of the discussion is to assist the Board with future deliberations on these projects. There is no general plan to revisit existing standards, nor a plan to develop a framework for sensitive information.

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