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Disclosure initiative — Targeted Standards-level Review of Disclosures [ED]

Comment period ends on October 21, 2021

Pro­posed ef­fec­tive date:

Not yet spec­i­fied

Next steps:

The IASB plans to review the Exposure Draft Feedback in the first half of 2022

Last up­dated:

May 2021

Overview

The Board added a project to its agenda to perform a targeted Standards-level review of disclosure requirements. The Board added this project in response to feedback on the Disclosure Initiative—Principles of Disclosure Discussion Paper.

Specifically, the Board tentatively decided to:

  1. develop guidance for the Board itself to use when developing and drafting disclosure requirements. The Board tentatively decided to develop this guidance as a set of Board decisions and obtain formal stakeholder feedback when the guidance is subsequently used as part of standard-setting;
  2. identify one or two IFRS® Standards on which to test the guidance developed for the Board;
  3. test the guidance for the Board by applying it to the Standard(s) identified in b). The objective of applying the guidance to the Standard(s) will be to improve their disclosure requirements to help stakeholders improve the usefulness of disclosures provided to the primary users of financial statements. The objective will not be to change the volume of disclosure requirements, although this may be a consequence; and
  4. prepare an Exposure Draft of amendments to the disclosure requirements of the Standard(s) identified in b). The Board tentatively decided that the Basis for Conclusions for the Exposure Draft would include a description of the Board’s approach to developing amendments to the disclosure requirements to give stakeholders the opportunity to comment on the guidance for the Board.

On March 25, 2021, the International Accounting Standards Board (IASB) published an Exposure Draft "Disclosure Requirements in IFRS Standards — A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)" that contains:

  • proposed guidance for itself when developing and drafting disclosure requirements in IFRS Standards in future; as well as;
  • proposed amendments to IFRS 13, "Fair Value Measurement"; and
  • IAS 19, "Employee Benefits" that result from applying the proposed guidance to those standards.

Comments are requested by October 21, 2021. For further details of the Exposure Draft proposals refer to the news summary.

 

Other de­vel­op­ments

May 2021

On May 3, 2021, the AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Comments are requested by October 21, 2021.

March 2021

On March 25, 2021, the IASB published an exposure draft "Disclosure Requirements in IFRS Standards — A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)" that contains proposed guidance for itself when developing and drafting disclosure requirements in IFRS Standards in future as well as proposed amendments to IFRS 13, "Fair Value Measurement" and IAS 19, "Employee Benefits" that result from applying the proposed guidance to those standards. Comments are requested by October 21, 2021.

January 2021

On January 29, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue an Exposure Draft in March 2021.

September 2020

On September 28, 2020, IASB staff updated the Work Plan to indicate that the Board plans to issue an Exposure Draft in Q1/2021.

April 2020

On April 17, 2020, IASB staff updated the Work Plan to indicate that the Board plans to issue an Exposure Draft in the 1st half of 2021.

November 2019

On November 25, 2019, the IASB staff updated the Work Plan to indicate that the Board plans to issue an Exposure Draft in the second half of 2020.

July 2018

On July 18, 2018, the IASB staff updated the work plan to indicate that the Board plans to issue an Exposure Draft (no date specified).

June 2018

In June 2018, the staff of the IASB updated the work plan to indicate that the IASB expects to decide the project direction in July 2018.

March 2018

On March 21, 2018, the Board added a project to its agenda to perform a targeted Standards-level review of disclosure requirements.

 

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