EFRAG draft comment letter on disclosure initiative

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

11 Apr 2014

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB’s Exposure Draft ED/2014/01 ‘Disclosure Initiative (Amendments to IAS 1)’ that was issued on 25 March 2014.

The EFRAG welcomes this initiative by the IASB, which aims to clarify IAS 1 by addressing perceived impediments to preparers when exercising their judgement in presenting their financial reports. The EFRAG supports the changes to the definition of terms in IAS 1 that may have been misinterpreted and believe the changes would put companies in a position to exercise more discretion in the presentation and disclosure of information, and would lead to an improvement of the quality and relevance of information in the notes. However, EFRAG proposes some improvements to the drafting of the proposed changes and recommends consistent use of defined terms relative to the current IASB standards to avoid any future amendments.

Comments are due by 12 May 2014.

Note: On 23 May 2014 the comment deadline was extended to 20 June 2014.

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