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Disclosure initiative — Principles of disclosure [ED]

Comment period ends on October 2, 2017

Proposed effective date:

Not specified

Next steps:

The International Accounting Standards Board (IASB) will discuss the remaining issues in July 2018.

Last updated:

April 2018

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 project on the definition of materiality [see separate project];
  6. this major project on the principles of disclosure; and
  7. a research project on general disclosure issues [see separate project].

The objective of this project is to improve existing guidance in IFRS that helps entities determine the basic structure and content of a complete set of financial statements.

 

Other developments

April 2018

In April 2018, the staff of the IASB updated the work plan to indicate that the IASB® will discuss the remaining issues in July 2018.

March 2018 

On March 23, 2018, the IASB® staff updated the work plan to indicate that the Board expects to discuss the remaining issues at its June 2018 meeting.

February 2018

On February 23, 2018, the IASB staff updated the work plan to indicate that the IASB expects to decide the project direction in March 2018. 

January 2018

On January 26, 2018, the IASB Staff updated this project to indicate that the IASB now expects to review the Discussion Paper Feedback in February 2018. 

December 2017 

On December 18, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Discussion Paper Feedback in March 2018.

September 2017

On September 22, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Discussion Paper Feedback in Q1/2018.

June 2017

In June 2017, the IASB staff updated the work plan to indicate that the IASB expects to discuss the Discussion Paper feedback in the 1st half of 2018.

March 2017

On March 30, 2017, the IASB published a comprehensive discussion paper setting out the Board's preliminary views on disclosure principles that should be included in a general disclosure standard or in or in non-mandatory guidance on the topic. Comments are due October 2, 2017.

On March 23, 2017, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper for comment in March 2017.

January 2017

On January 19, 2017, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper for comment in April 2017.

December 2016

On December 15, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper for comment by June 2017.

October 2016

On October 20, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper for comment in February 2017.

July 2016

On July 20, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish a Discussion Paper for comment in December 2016.

May 2016

On May 20, 2016, the staff updated the IASB Work Plan to indicate that the Board expects to issue a Discussion Paper for comment by November 2016.

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) de­tails of the IASB’s re­cent dis­cus­sions re­gard­ing the Prin­ci­ples of Dis­clo­sure pro­ject; and (ii) the next steps planned.

June 2014

On June 13, 2014, the IASB staff is­sued an Up­date in re­spect of the Dis­clo­sure Ini­tia­tive pro­ject, including in respect of the Prin­ci­ples of Dis­clo­sure project.

 

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