EFRAG has published its comment letter to the IASB on its Exposure Draft Disclosure Initiative (Proposed amendments to IAS 1, ED/2014/1). In particular, it welcomes the widening of scope/terminology in the presentation of financial statements.
EFRAG´s letter is intended to contribute to the IASB’s due process and does not necessarily indicate the conclusions that would be reached by EFRAG in its capacity as advisor to the European Commission on endorsement of definitive IFRS in the EU and EEA.
EFRAG welcomes the Disclosure Initiative project set up by the IASB in 2013 that aims to review the disclosure requirements in existing Standards and to develop principles for disclosures in the notes.
More specifically, EFRAG supports the proposed narrow scope amendments to IAS 1 Presentation of Financial Statements to change some of the terminology in the Standard that may have been interpreted too strictly. In EFRAG’s view, this should enable entities to exercise more judgement in presenting and disclosing information and hence result in improving the relevance of disclosures in the notes to the financial statements.
Press release
Final comment letter
© EFRAG - European Financial Reporting Advisory Group
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