Professional Documents
Culture Documents
Content of Discussion
Paper
Principles of Disclosure Project
This paper has been prepared for discussion at a public meeting of the IASB and does not represent the views of the IASB or any individual member of the IASB.
Comments on the application of IFRSs do not purport to set out acceptable or unacceptable application of IFRSs. Technical decisions are made in public and
reported in IASB Update.
Non-IFRS information
Implications of improvement proposals*
* The staff have not yet formed a view whether the implications should be provided as a
distinct chapter, as appendices or as part of the other chapters of the DP.
Provide general
disclosure principles that
apply to all components
of financial statements,
ie primary financial
statements and the
notes
Replacement of IAS 1
Current IAS 1
Disclosure guidance in
paragraphs 1 53; and
paragraphs 112 124,
138
Part of general
disclosure Standard
Disclosure guidance in
paragraphs 54 111; and
paragraphs 125 - 137
(1)
(2)
Purpose of financial
statements
Content and identification of
financial statements
General disclosure principles
Accounting policy disclosure
guidance
Notes
What are the issues?
Lack of sufficiently focused
disclosure objectives in
Standards. This absence can
make it difficult to apply
materiality.
Lack of links or clear
relationships between
disclosure requirements across
Standards, including links
between IAS 1 and other
Standards.
Duplication of disclosure
requirements across Standards.
General principles
Materiality and aggregation of information
Non-IFRS information, including Alternative Performance
Measures (APM)
Cross-referencing of information
Accounting policies
Communication principles
Format of information
Connected information in financial statements
Comparability and consistency being discussed this month
10
SMateriality
11
Aggregation
Aggregation
Non-IFRS information
What are the issues?
12
Cross-referencing of information
What are the issues?
Duplication of information
contributes to the disclosure
problem
General guidance on
cross-referencing is missing
Only some Standards currently
give entities the possibility of not
duplicating information that is
already presented elsewhere
outside the financial statements
13
14
Communication principles
What are the issues?
15
Format of information
What are the issues?
16
17
Other considerations
Drafting guide New Zealand External Reporting Board
Electronic reporting
IAS 18 Change in accounting policies and estimates
Materiality practice statement
18
Next Steps
July 2015:
Discuss remaining issues with the IASB
Ask for permission to ballot
Q4 2015:
Publish DP
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