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'Better communication' to be the theme of the second term of the IASB Chairman

  • IFRS - IASB Image
  • IFRS  - Speech Image

Jun 30, 2016

On June 30, 2016, Hans Hoogervorst, International Accounting Standards Board Chairman, at the IFRS Foundation's annual European Conference held in Zurich, outlined plans to prioritize improvements to the communications effectiveness of financial statements.

Mr Hoogervorst said:

Valuable information gets drowned out by ‘tick the box’ disclosures and voluminous, but poorly organized and presented, financial data. For the investor, it is often difficult to see the woods through the multitude of information trees. We will take a fresh look at how financial information is presented, how it is grouped together, and in what form it is made available.

"Better Communication" will bring together a number of work streams, including:

  • Primary Financial Statements—improving the organisation and structure of the ‘face of financial statements’ (statements of financial position, financial performance and cash flows);
  • Disclosure Initiative—improving the quality and usefulness of financial disclosures through amendments;
  • Financial Instruments with the Characteristics of Equity (FICE)—clarifying the definition, presentation and disclosure requirements for such instruments;
  • Digital reporting—further developing the IFRS Taxonomy to ensure it meets electronic reporting needs and remains fit for purpose; and
  • Non-financial reporting—assessing strategic challenges and exploring any potential future role that the Board may play in this area.

"Better Communication" as a theme for the Board's work responds to much of the feedback received through the 2015 Agenda Consultation, and should deliver material improvements to users’ ability to make economic decisions from financial information.

Mr Hoogervorst also announced that the Board will be playing a more active role in supporting jurisdictions in the implementation of new and existing IFRS Standards.

Read the full speech on the IASB's Web site.

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