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The International Accounting Standards Board (IASB) has concluded its project on improving its approach to developing and drafting disclosure requirements in IFRS Accounting Standards. The improved approach is designed to help the IASB develop Accounting Standards that would enable companies to make better judgements about which information is material and should be disclosed, thereby providing more useful information to investors.
The improved approach is summarised in guidance that the IASB has published, alongside a Project Summary and Feedback Statement, as part of the IASB’s Targeted Standards-level Review of Disclosures project.
The improved approach involves:
- engaging early with investors to understand their information needs;
- developing disclosure requirements alongside recognition and measurement requirements;
- considering the digital reporting implications of new disclosure requirements;
- using general and specific objectives that describe and explain investors’ information needs; and
- supporting specific objectives by requiring companies to disclose items of information that would satisfy the objectives in most cases.
The IASB intends to use this approach when developing disclosure requirements.
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