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The main objective of the IASB DP is to identify disclosure issues and develop new, or clarify existing, disclosure principles in IFRS Standards to address those issues and to:
The IASB DP, which is expected to lead to amendments to IAS 1 Presentation of Financial Statements or the development of a new general disclosure Standard, covers the following topics:
1. Overview of the ‘disclosure problem’ and the objective of this project;
2. Principles of effective communication;
3. Roles of the primary financial statements and the notes;
4. Location of information, which discusses:
o when an entity can provide information that is necessary to comply with IFRS Standards outside the financial statements; and
o when an entity can provide information that is identified as ‘non-IFRS information’ within the financial statements;
5. Use of performance measures in the financial statements;
6. Disclosure of accounting policies;
7. Centralised disclosure objectives; and
8. New Zealand Accounting Standards Board staff’s approach to drafting disclosure requirements in IFRS Standards.
In order to provide constituents with the maximum amount of time possible for considering the IASB DP, the EFRAG Board is undertaking a two-stage process in seeking the views of constituents.
This first stage consists of EFRAG's preliminary responses to the questions in the IASB DP. The positions expressed in this document have been prepared by the EFRAG Technical Expert Group and have been reviewed by the EFRAG Board as a basis for public consultation. The EFRAG Board will further deliberate a number of cross-cutting and strategic issues and will then issue a full draft comment letter. The full draft comment letter will supersede this consultation. It may amend some preliminary responses included herein and/or include additional questions to constituents.
EFRAG requests comments by 11 September 2017.