21 January 2015

News

IASB issues amendments to IAS 1 under the Disclosure Initiative

21 January 2015

  • The following narrow-scope amendments have been made to IAS 1 Presentation of Financial Statements:
  • Materiality and aggregation: clarifies that an entity should not obscure useful information by aggregating or disaggregating information; and that materiality considerations apply to the primary statements, notes and any specific disclosure requirements in IFRSs, i.e. disclosures specifically required by IFRSs need to be provided only if the information is material.
  • Statement of financial position and statement of profit or loss and other comprehensive income: clarifies that the list of line items specified by IAS 1 for these statements can be disaggregated and aggregated as relevant. Additional guidance has been added on the presentation of subtotals in these statements.
  • Presentation of items of other comprehensive income (“OCI”): clarifies that an entity’s share of OCI of equity-accounted associates and joint ventures should be presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss.
  • Notes: clarifies that entities have flexibility when designing the structure of the notes and provides guidance on how to determine a systematic order of the notes. Also, unhelpful examples regarding the identification of significant accounting policy have been removed. 
IASB issues amendments to IAS 1 under the Disclosure Initiative

Back to IFRS News

Did you find this useful?

Related topics