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Wednesday 23 April 2014

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Disclosure Initiative

 Disclosure Initiative

Project objective


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.


Short-term projects


Project Overview

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’.



Medium-term projects


Project Overview
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.