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

Published on: Jul 21, 2014

Deloitte's IFRS Global Office has responded to the International Accounting Standards Board’s (IASB) Exposure Draft ED/2014/1, Disclosure Initiative: Proposed Amendments to IAS 1.

Deloitte's IFRS Global Office supports the disclosure initiative project and agrees that the proposed amendments related to areas in which the application of judgment can result in clearer communication to users of financial statements. However, the Global Office is concerned that there is insufficient guidance to assist in the application of that judgment, which may result in insignificant changes in practice. Also, the Global Office believes that a clear framework for the application of materiality to disclosures, covering both quantitative and qualitative considerations, is needed.

Further, Deloitte's IFRS Global Office believes 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). Deloitte's IFRS Global Office believes 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 encourages 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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