Improving disclosures in financial statements
New Zealand outreach event
The International Accounting Standards Board (IASB) is exploring the use of disclosure principles to address the ‘disclosure problem’, being that:
- financial statements do not provide enough relevant information
- financial statements may contain irrelevant information; and
- information is poorly communicated.
The IASB has issued a Discussion Paper DP/2017/1 Disclosure Initiative—Principles of Disclosure that considers developing disclosure principles to address the disclosure problem by:
- helping entities to apply judgement in making disclosures and to communicate information effectively;
- helping users by improving disclosures in financial statements; and
- helping the IASB improve the drafting of disclosure requirements in IFRS Standards.
The IASB is seeking feedback from preparers, users, auditors and regulators on approaches to address the disclosure problem.
We invite you to come along to an event where we will:
- feature a short presentation on the Discussion Paper by Mariela Isern, Senior Technical Manager at the IASB (via video link from London);
- run polls on issues raised and views expressed in the Discussion Paper; and
- discuss questions drawn from the Discussion Paper.
This is a unique opportunity for you to have input into the IASB’s proposals to improve communication effectiveness of financial statements.
Ultimately, this Discussion Paper could lead to amendments to IAS 1 Presentation of Financial Statements—the Standard covering general disclosure requirements— or to the development of a new general disclosure standard. It could also lead to the development of supporting guidance/education material.
- Webinar – the recent XRB webinar provides a 30-minute overview of the Discussion Paper. It covers each of the 8 sections in the Discussion Paper, highlights the disclosure issues identified and the IASB’s proposed approaches to address them. You can watch a recording on YouTube via the XRB website.
- Snapshot – the IASB’s snapshot provides a 12-page summary of the proposals in the Discussion Paper.
- The full Discussion Paper.
Select the location you wish to attend:
We look forward to seeing you there!