We comment on the proposed IAS 1 amendments ED

  • Deloitte Comment Letter Image

21 Jul 2014

We have published our comment letter on the IASB's Exposure Draft ‘Disclosure Initiative: Proposed amendments to IAS 1'.

We generally agree that the changes proposed to the application of judgement can result in clearer communication to financial statement users; however, we believe there is a need for additional guidance to assist in that application of judgement. Further, we believe 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). We believe 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 encourage the Board to press ahead with the consideration of the presentation and disclosure of non-IFRS financial information.

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