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IASB publishes a discussion paper on Principles of Disclosures

IFRS News | 19 May 2017

The Board has issued this DP as part of its Disclosure Initiative.

The DP analyses concerns about what information is disclosed in general purpose financial reports, and how it is disclosed. The main focus is on identifying steps the IASB could take to help improve the quality of information available to the users of the financial reports.

The Board is considering establishing principles, either in a general disclosure standard or in non‑mandatory guidance, for:

  • effective communication;
  • where to disclose information, including a discussion of:

- what is the role of the primary financial statements and that of the notes;

- when can an entity disclose IFRS information outside the financial statements; and

- when can an entity disclose non‑IFRS information within the financial statements;

  • the fair presentation of non‑IFRS specified performance measures in the financial statements;
  • identifying which accounting policies should be disclosed and where to disclose them; and
  • centralised disclosure objectives.

The Board is considering whether it should clarify when, if ever, EBIT or EBITDA can meet the fair presentation requirements in IAS 1 for presenting subtotals.

The Board is also considering developing requirements for the presentation of unusual or infrequently occurring items in the statement of financial performance.

The comment period ends on 2 October 2017.

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