On 25 March 2014, the IASB published an exposure draft (ED/2014/01 ‘Disclosure Initiative (Amendments to IAS 1)’) containing a number of amendments to IAS 1.

In response to the exposure draft, the EFRAG issued a draft comment letter that noted its support for the project and provided several suggestions to improve the proposed amendments.

The EFRAG’s feedback statement provides an analysis of the EFRAG tentative position expressed in the draft comment letter, describes the comments received from constituents and then highlight how these comments were considered by the EFRAG Technical Group (EFRAG TEG) in reaching their final position on the IASB ED set out in their final comment letter to the International Accounting Standards Board (IASB). 

The general consensus from constituents was "almost all respondents welcomed the IASB’s proposals in the ED and the overall message of the EFRAG draft comment letter. However, the majority of respondents that answered our questions did not agree with EFRAG’s suggestion to prohibit disclosure of immaterial information. Constituents also raised a number of minor concerns on the other topics covered by the amendments."

For more details on the feedback statement, please see (links to EFRAG website):

Also click for:

• Our previous story on the Exposure Draft ED/2014/01 ‘Disclosure Initiative (Amendments to IAS 1)'.
• Our UK Accounting Plus project page: Disclosure initiative — IAS 1 amendments.