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Deloitte comment letter on IASB ED/2014/1 'Disclosure Initiative: Proposed amendments to IAS 1'

Published on: 21 Jul 2014

Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board’s (IASB) Exposure Draft ED/2014/1 Disclosure Initiative: Proposed amendments to IAS 1.

We support the Disclosure initiative project and agree that the proposed amendments related to areas in which the application of judgement can result in clearer communication to user of financial statements. However, we are concerned that there is insufficient guidance to assist in the application of that judgement, which may result in insignificant changes in practice. Also, we believe that a clear framework for the application of materiality to disclosures, covering both quantitative and qualitative considerations, is needed.

Further, we believe that a review of specific disclosure requirements within new and existing standards should be initiated.

Lastly, the disaggregation of line items in the statement of profit or loss continues to be a topic of much debate (see ESMA consultation paper and IFAC exposure draft). We believe that the IASB is best placed to provide a globally accepted framework for the presentation of additional information in the statement of profit or loss and encourage the Board to press ahead with the consideration of the presentation and disclosure of non-IFRS financial information..

Download the full comment letter below.

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