March 21, 2019

IFRS Foundation published a document summarizing work of IASB on the research project on principles of disclosure under the Disclosure Initiative. The document summarizes the research performed by IASB—including feedback received on the March 2017 discussion paper titled “Disclosure Initiative—Principles of Disclosure”—and the conclusions reached in light of that research.

The research project showed that the different activities considered in the discussion paper could be of benefit to some stakeholders. However, respondents asked IASB to identify the activities that would be most effective in helping to address the disclosure problem and narrow the focus of the project accordingly. Almost all respondents to the discussion paper said that the way disclosure requirements are developed and drafted in the IFRS standards is one contributor to the disclosure problem.

From March to July 2018, IASB reviewed the findings of the project and feedback from stakeholders. After reviewing the evidence gathered, IASB decided that improving the way disclosure requirements are developed and drafted in the IFRS standards is the most effective way it can help to address the disclosure problem. Consequently, IASB decided to prioritize its Targeted Standards Level Review of Disclosures project. IASB also decided to address research findings about accounting policy disclosures, the implications of technology on financial reporting, and the use of performance measures in financial statements. However, IASB has decided not to pursue the remaining topics in the discussion paper at this time.

 

Keywords: International, Accounting, Disclosure Initiative, Financial Statements, Reporting, Disclosures, IASB, IFRS

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