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Disclosure initiative — Accounting policies

 

Background

This project is part of the IASB's overall disclosure initiative and is intended to help stakeholders improve accounting policy disclosures for the primary users of financial statements.

The feedback on the Board's DP on Principles of Disclosure suggested that guidance is required to assist entities in determining which accounting policies to disclose.

To this end, the Board is developing amendments to paragraphs 117-122 of IAS 1 Presentation of Financial Statements to require entities to disclose their material accounting policies rather than their significant accounting policies. To support this amendment the Board is also developing guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2 Making Materiality Judgements to accounting policy disclosures.

 

Current status of the project

On 1 August 2019, the IASB has published an exposure draft 'Disclosure of Accounting Policies'. Comments are requested by 29 November 2019.

 

Project milestones

Date Development Comments
30 March 2017 DP/2017/1 Disclosure Initiative — Principles of Disclosure published Feedback on the DP suggested that guidance is required to assist entities in determining which accounting policies to disclose
July 2018 Project added to the agenda of the IASB
1 August 2019 ED/2019/6 Disclosure of Accounting Policies Comments are requested by 29 November 2019.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.