Featured Product

    IFRS Foundation Decides to Prioritize Project on Enhancing Disclosures

    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

    Featured Experts
    Related Articles
    News

    FED Proposes to Extend Data Collection Under Stress Testing Guidance

    FED proposed three-year extension, without revision, of the information collection FR 4202, titled "Recordkeeping Provisions Associated with Stress Testing Guidance."

    March 08, 2021 WebPage Regulatory News
    News

    FCA Proposes Updates to Guidance on Mortgage Repossessions

    FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic.

    March 05, 2021 WebPage Regulatory News
    News

    FCA Announces Cessation Timeline for Certain LIBOR Benchmark Settings

    FCA issued a statement on the cessation or loss of representativeness of the 35 LIBOR benchmark settings published by ICE Benchmark Administration or IBA.

    March 05, 2021 WebPage Regulatory News
    News

    EBA Publishes Reporting and Disclosures Framework for Investment Firms

    EBA published a package that includes the final draft implementing technical standards on supervisory reporting and disclosures of investment firms.

    March 05, 2021 WebPage Regulatory News
    News

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6659