The IASB is undertaking a broad-based initiative to explore how disclosures in IFRS financial reporting can be improved.
This initiative has been informed by a Discussion Forum on Disclosure in Financial Reporting
that was held in January 2013. In conjunction with this, the IASB staff also conducted a survey. A Feedback Statement
on these events was published in May 2013.
This initiative is made up of a number of projects, both short term and medium term.
The different projects in this initiative are shown below.
The IASB plans to start a project on materiality. This project will look at how materiality is applied in practice in IFRS financial statements and consider whether further guidance is needed.
IAS 1 amendments
In the IAS 1 amendments project the IASB will consider narrow-scope amendments to IAS 1 Presentation of Financial Statements to address some of the concerns raised at the Discussion Forum. In addition, this project will incorporate other IAS 1 proposals arising from the IFRS Interpretations Committee.
The IASB is undertaking research to evaluate the possibility of a short-term project addressing disclosures about ‘debt’.
Research project on presentation and disclosure in IFRS
The IASB will explore whether IAS 1, IAS 7 Statement of Cash Flows and IAS 8 Accounting Policies, Changes in Estimates and Errors should be replaced with a single Standard on presentation and disclosure, in effect creating a disclosure framework for IFRS. This research project will incorporate a review of the work previously done on the Financial Statement Presentation (FSP) project.
Standards-level review of disclosure
The IASB will begin a research project to review disclosure in existing Standards to identify and assess conflicts, duplication and overlaps.