IASB Disclosure Initiative Project

On July 3, 2017, the IASB, along with the European Financial Reporting Advisory Group (“EFRAG”), the European Federation of Financial Analysts Societies, and the Association Belge des Analystes Financiers held an information and outreach event.

The meeting was held in Brussels, Belgium.

During the meeting, participants discussed the IASB DP, “Disclosures Initiative, Principles of Disclosure” (the “DP”).

Issued in March 2017, the DP describes and seeks stakeholders’ views on: (a) disclosure issues that the Board identified during its outreach on its Disclosure Initiatives project and (b) approaches to address the issues identified, including the Board’s preliminary views, where these have been developed.

Upon conclusion of the July 3rd outreach event, EFRAG published a report summarizing the issues discussed.

According to the EFRAG report, event participants introduced the main elements of the Discussion Paper, the preliminary positions held, focused on the information needs of investors, and sought input on the following issues from the DP:

  • Can principles make communication more effective?
  • What do investors think are useful examples of disclosures in the financial statements?
  • Alternative (non-IFRS) performance measures in the financial statements: misleading or useful?
  • Should unusual or infrequently occurring items be separately reported and if so how?
  • How important is the application of materiality when deciding what and how to disclose information?

Comments on the DP are due to the IASB no later than October 2, 2017.

Those interested can find out more about the Disclosure Initiative project here.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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