The AcSB is supportive of the IASB’s Principles of Disclosure project, however they disagree with the IASB’s preliminary view that a general disclosure standard should allow an entity to include information in its financial statements that it has identified as non-IFRS information. In particular, they think the IASB should develop strict boundaries that prohibit the use of non-IFRS information that is inconsistent with or contradicts IFRS information.

Non-IFRS information should not be included in the financial statements, as it could undermine other information in the financial statements that conforms with IFRS Standards. The AcSB thinks that allowing non-IFRS information to be included in the financial statements could further reduce the relevance of financial statements, and would contradict the IASB’s objective, in the Disclosure Initiative project, of better communication.

Review the press release and letter on the AcSB's website.