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IASB forms new Disclosure Initiative group

  • IASB (International Accounting Standards Board) Image

Oct 10, 2013

The IASB has created a new staff group for its Disclosure Initiative project. The group will assist the IASB on the project’s objective of developing short- and medium-term strategies that improve how financial information is disclosed.

After its January 2013 public discussion forum on disclosure, the IASB issued a feedback statement that consisted of the forum's discussions, the IASB's response, a summary of work already undertaken on disclosure, and the outcomes of the IASB's survey issued in December 2012. In June 2013, Chairman Hans Hoogervorst announced a 10-point plan as the first step to this initiative.

The Disclosure Initiative group consists of members of the IASB standard-setting team and its eXtensible Business Reporting Language (XBRL) team. By including the XBRL team in the standard-setting process, the group can also improve how electronic filing of financial information is presented. The group will also be assist by the German national standard-setter, the DRSC.

The integration of the XBRL team into the IASB’s work program is a component of the XBRL strategic review performed by IFRS Foundation Trustees.

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