Financial reporting / International


Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements.

Following a public forum on the topic, the IASB has decided to facilitate more relevant disclosures with three main courses of action:

  • Possible changes to IAS 1. The board will consider narrow scope amendments to IAS 1, Presentation of Financial Statements, to address obstacles preparers face in exercising judgment.
  • Materiality education. With input from an advisory group, the IASB will develop educational material on materiality.
  • Disclosure project. As part of its research agenda, the IASB will consider a project on the broader challenges associated with disclosure effectiveness.


A 44-page Feedback Statement, available at tinyurl.com/k6fp3cf, described the results of the IASB’s outreach to preparers, auditors, regulators, and financial statement users.

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