Disclosure Initiative: Amendments to IAS 1

BACKGROUND

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 1 Presentation of Financial Statements as part of its initiative to improve disclosures in financial statements.

(Read more)

The IASB is proposing narrow-focus clarifying amendments to IAS 1 to address some of the concerns expressed about existing presentation and disclosure requirements and to ensure entities are able to use judgment when applying that Standard.

The AcSB is participating in the activities of the project to ensure that Canadian entities’ financial reporting needs are considered by the IASB. The amendments will be incorporated into Canadian GAAP in accordance with the AcSB’s strategy of adopting International Financial Reporting Standards (IFRSs) for publicly accountable enterprises.

(Hide)


PROJECT NEWS

Final Amendments – Disclosure Initiative (Amendments to IAS 1)
January 8, 2015. The IASB has issued narrow-scope amendments to IAS 1 Presentation of Financial Statements as part of its major initiative to improve presentation and disclosure in financial reports. The amendments are effective for annual periods beginning on or after January 1, 2016 with earlier application permitted.

AcSB Response – Disclosure Initiative (Proposed amendments to IAS 1)
On July 18, 2014, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in March 2014. The letter supports the proposals to clarify the requirements in IAS 1 as a useful first step in the IASB’s disclosure initiative and includes a number of detailed suggestions. Read the AcSB letter posted by the IASB.

FYI Article – Disclosure: Too Much of a Good Thing?
July 9, 2014. This article discusses the IASB’s proposals to clarify aspects of IAS 1, which is the first step in its Disclosure Initiative. The related Exposure Draft clarifies applying materiality, aggregation and disaggregation, and the structure of the notes. Responses to the Exposure Draft are due by July 23, 2014.

AcSB Exposure Draft – Disclosure Initiative (Proposed amendments to IAS 1)
April 22, 2014. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by July 23, 2014.

IASB Exposure Draft – Disclosure Initiative (Proposed amendments to IAS 1)
March 28, 2014. The IASB has issued an Exposure Draft proposing amendments to IAS 1 Presentation of Financial Statements. Canadian stakeholders are encouraged to submit their comments to the IASB by July 23, 2014.

 

Disclaimer: This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.