First results of the IASB disclosure survey

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24 Jan 2013

The International Accounting Standards Board (IASB) has published first results of a survey aimed at assisting the IASB to gain a clearer picture on the perceived "disclosure problem". The survey was conducted in preparation for the discussion forum on disclosures that will be hosted by the IASB on 28 January 2013.

The 225 responses received by the IASB gave the following overall picture:

  • Over 80 per cent those who completed the survey felt that improvements could be made to the way financial information is disclosed. Many also indicated that there was a need for improvements across all parts of the annual report.
  • Most preparers of financial statements (50 per cent of all responses were received from preparers) said that the disclosure requirements were extensive and too little attention was being paid to exclude immaterial information.
  • Users of financial statements (making up 20 per cent of all respondents) felt to a large extent that preparers should do more to focus on relevant information to improve communication.
  • Several causes for the overload problem were identified, among them the way the standards are set and the way that preparers, auditors and regulators apply the standards.

The above numbers and results were drawn from the press release available on the IASB website. The IASB announced that the full results of the survey will be published as part of a Feedback Statement that will also contain the feedback from the disclosure forum.

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