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Disclosure Initiative — Overview

Next steps:

The IASB expects to issue for public comment the following in respect of this project: (i) an ED on Changes in Accounting Policies and Estimates some time after June 30, 2016; and (ii); a Discussion Paper on the Principles of Disclosure in Q2/2016

Last updated:

January 2016

Overview

The IASB is un­der­tak­ing a broad-based ini­tia­tive to ex­plore how dis­clo­sures in IFRS fi­nan­cial re­port­ing can be im­proved. This ini­tia­tive has been in­formed by a Dis­cus­sion Fo­rum on Dis­clo­sure in Fi­nan­cial Re­port­ing that was held in Jan­u­ary 2013. In con­junc­tion with this, the IASB staff also con­ducted a sur­vey. A Feed­back State­ment on these events was pub­lished in May 2013. 

The Dis­clo­sure Ini­tia­tive is currently made up of a num­ber of im­ple­men­ta­tion and re­search pro­jects, as follows:

  1. cer­tain nar­row fo­cus amend­ments to IAS 1, Pre­sen­ta­tion of Fi­nan­cial State­ments [see sep­a­rate project];
  2. cer­tain nar­row fo­cus amend­ments to IAS 7, State­ment of Cash Flows [see sep­a­rate project];
  3. a major project on changes in accounting policies and estimates [see separate project];
  4. a major project on materiality [see separate project];
  5. a major project on the principles of disclosure (including the Standards-level Review of Disclosures) [see separate project]; and
  6. a research project on general disclosure issues.

Other developments 

January 2016

On January 29, 2016, the IASB published its amendments to IAS 7, which are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity's financing activities. They are effective for annual periods beginning on or after January 1, 2017, with earlier application permitted.

May 2015

On May 20, 2015, the IASB staff issued an update  which highlights the recent and upcoming activities of the Disclosure Initiative project including: (i) the proposed Practice Statement in respect of materiality; (ii) details of the IASB’s recent discussions regarding the Principles of Disclosure project; and (iii) the next steps planned.

June 2014

On June 13, 2014, the IASB staff issued an Update in respect of the Disclosure Initiative project. The Update covers the following items: (i) Principles of disclosure; (ii) Targeted improvements to disclosure requirements being (a) amendments to IAS 1; (b) reconciliation of liabilities arising from financing activities; (c) accounting policies; (d) other; and (iii) Materiality.

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