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Friday 21 November 2014

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Disclosure Initiative

Disclosure Initiative

 Disclosure Initiative



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.


The Disclosure Initiative is made up of a number of implementation and research projects. The projects are shown below.


Implementation projects


Project Overview
IAS 1 amendments

In the IAS 1 amendments project the IASB will consider narrow-focus amendments to IAS 1 Presentation of Financial Statements to address some of the concerns raised at the Discussion Forum. An Exposure Draft of proposed amendments was published in March 2014 with a comment deadline of 23 July 2014.

Next steps: Redeliberations for these amendments will begin in Quarter 3 2014.

View the Amendments to IAS 1 project page.

Reconciliation of liabilities from financing activities

The IASB is exploring amendments to IAS 7 Statement of Cash Flows to require a reconciliation of the opening and closing liabilities that form part of an entity's financing activities, excluding the changes in contributed equity. The IASB will also consider short term amendments to IAS 7 to improve disclosures about restrictions on cash.

Next steps: Further outreach is being undertaken with users and preparers of financial statements with a view to publishing an Exposure Draft in Quarter 4 of 2014.

View the Reconciliation of liabilities from financing activities project page.



Research projects


Project Overview

In this project the IASB is researching how materiality is being applied in practice in IFRS financial statements. It will then consider whether further guidance on materiality is needed. Also in this project the IASB is undertaking work to consider whether additional guidance could be developed that assists entities to determine what a significant accounting policy is.

Next steps: IASB staff will request help from national and regional standard-setters for information about the application of materiality in their jurisdictions. A summary of this research will be discussed by the IASB in Quarter 3 of 2014 which will then assist in consideration of the next steps for materiality.

View the Materiality project page.

Principles of Disclosure

The objective of this research project is to identify and develop a set of principles for disclosure in IFRS that could form the basis of a Standards-level project. The focus is on reviewing the general requirements in IAS 1 Presentation of Financial Statements, IAS 7 Statement of Cash Flows and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and considering how they might be revised.

Next steps: The IASB will consider the results of research about disclosure principles for the organisation, placement, format and linkage of information, in particular the use of cross-referencing in financial statements, in Quarter 3 of 2014.

View the Principles of Disclosure project page.

Standards-level review of disclosure

The IASB will review disclosures in existing Standards to identify and assess conflicts, duplication and overlaps. This project will be informed by the principles being developed in the Principles of Disclosure project.