Review of disclosures – pick a standard, any standard…

At its July 2018 meeting, the Accounting Standards Advisory Forum discussed among many other things, the IASB’s plan to carry out a targeted standards-level review of disclosures. The discussion covered both the Board’s process for developing and drafting disclosure objectives and requirements, and which standards the Board should select for review. On the latter point,…

Principles of disclosure – of primary concern

Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. The discussion paper noted the following problem: The Board has received…feedback that some users of financial statements analyze the information in the statements listed in paragraph 3.3(a) (i.e. the balance sheet, income statement, statement of changes in…

Principles of disclosure – what we talk about when we talk about financial statements

Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. The discussion paper carved out some space to describe an approach developed by the staff of the New Zealand Accounting Standards Board, with the following main features: (a) the inclusion of disclosure objectives, comprising an overall disclosure objective…

Principles of disclosure – take your paper and, uh…

Let’s return to the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. I commented last time that it’s very much a document for a linear, paper-based world, barely acknowledging the impact of technology. This is how the IASB staff summed it up in a staff paper: Many respondents were…

Principles of disclosure – stop me before I over-explain!

We looked briefly last April at the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. Although accounting policy disclosures aren’t usually among the most decision-critical aspects of any particular set of financial statements, they often contribute very disproportionately to their overall volume. My anecdotal impression is that many larger…