IASB provides disclosure initiative update
13 Jun, 2014
The IASB has issued an update highlighting recent discussions of disclosure initiative projects. The objective of the disclosure initiative is to discover areas where disclosures can be improve and simplify within existing disclosure requirements.
The disclosure projects covered in this update include:
- Principles of disclosure — held discussions during the April 2014 IASB meeting on the scope of the project and will research areas where improvements to disclosures requirements can be issued more quickly.
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Targeted improvements to disclosure requirements:
- Amendments to IAS 1 — issued exposure draft in March 2014 and will deliberate the feedback received in the third quarter of 2014.
- Reconciliation of liabilities arising from financing activities — held discussions during March 2014 IASB meeting on results of a survey and will be performing outreach activities and deliberate the outcomes from those activities in the third quarter of 2014.
- Accounting policies — anticipate the issuance of a paper in September 2014, which will detail how entities can determine which accounting policies are important.
- Other — a review of all Standards is being conduct to see if there are ways to simplify the disclosure requirements without reducing the usefulness.
- Materiality — held discussions during March 2014 IASB meeting on the application of materiality to assess whether it should be disclosed in financial statements and a study of how to define, interpret, and apply materiality in different jurisdictions and for different purposes is underway. Results of this study will be discussed in September 2014 with a paper soon to follow.
For more information, see the IASB's press release and our disclosure initiative project pages:
