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Scottish and New Zealand accounting bodies launch project to reduce the volume of IFRS disclosure

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24 Mar 2011

In response to a request from the International Accounting Standards Board (IASB), the Institute of Chartered Accountants of Scotland (ICAS) and the New Zealand Institute of Chartered Accountants (NZICA) have launched a project with the aim of reducing the volume of disclosure requirements in International Financial Reporting Standards (IFRSs).

The project will review the levels of disclosure requirements in existing IFRSs and recommending deletions and changes to those requirements. The project is being led by an oversight group of preparers, users and accountants in practice. The group is jointly chaired by Isobel Sharp, partner at Deloitte LLP and ICAS past president, and Tony Frankham, professional company director and NZICA past president.

The project will initially establish some key high-level principles for disclosure and, in doing so, will use the IASB's 2010 Conceptual Framework for Financial Reporting. It will then consider each of the existing IASB standards (with some exceptions) with the following objectives:

  • to determine the specific disclosure objectives of each standard
  • to assess the extent to which the existing disclosure requirements meet the high-level principles and the specific disclosure objective
  • to propose deletions and changes to the existing disclosure requirements based on the above assessment.

It is currently intended that the results of the project will be delivered to the IASB by the end of June 2011.

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