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

Pro­posed ef­fec­tive date:

Not yet spec­i­fied

Next steps:

The International Accounting Standards Board (the Board) ex­pects to de­cide the pro­ject di­rec­tion in June 2018

Last up­dated:

March 2018

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.

The Board will continue its discussions throughout 2018 with a view to publishing an Exposure Draft of amendments to the disclosure requirements of the selected IFRS Standard(s).

Other de­vel­op­ments

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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