Slide 2

IASB re better communication in notes to AFS

The International Accounting Standards Board (Board) is seeking public comments on a new approach to developing disclosure requirements in IFRS Standards and new disclosure requirements for the Standards on fair value measurement (IFRS 13) and employee benefits (IFRS 19). These proposals would enable companies to enhance their judgement and reduce ‘boilerplate’ information, giving investors more useful information.

The new approach is written as draft guidance for use by the Board when developing disclosure requirements in individual Standards. In applying this guidance, the IASB aims to:

  • enhance investor engagement to ensure the Board has an in-depth understanding of investors’ information needs and clearly explains those needs in the Standards;
  • give greater prominence to the objective of disclosure requirements, requiring companies to apply judgement and provide information to meet the described investor needs; and
  • minimise requirements to disclose particular items of information, and instead to help companies focus on disclosing material information only.

Access the Snapshot, which provides an overview of the proposals, and watch a short video below that introduces the proposals.

Access the Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach, the Basis for Conclusions and the Illustrative Examples on the comment letter page.

The IASB is asking for stakeholder comments by 21 October 2021.

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