IASB releases Feedback Statement on disclosure
The International Accounting Standards Board (IASB) has published a Feedback Statement summarising the discussions at a forum hosted by the IASB on financial information disclosure, and outlining its response to the matters raised. The IASB wishes to act as a catalyst for collective action by preparers, regulators, the accounting profession, as well as the IASB, to address ongoing concerns about the quality and quantity of financial reporting disclosure. In its response, the IASB has indicated it will consider a number of initiatives, including narrow scope amendments to IAS 1 ‘Presentation of Financial Statements’, seeking to develop educational material on materiality, and considering a project as part of its research agenda to address broader challenges associated with disclosure.