Responses to IASB® Documents for Comment

Principles of Disclosure

Discussion Paper—Principles of Disclosure – March 2017

On October 2, 2017, the AcSB submitted a comment letter responding to the IASB’s Discussion Paper issued in March 2017. The letter expresses support for the IASB’s Principles of Disclosure project and commends the IASB for striving to improve communication in financial reporting through its Disclosure Initiative. It agrees that there is a disclosure problem and points out that all those involved in the financial reporting process, including standard setters themselves, have contributed to the problem and should work together to develop solutions. The letter disagrees with the IASB’s preliminary view that an entity should not be prohibited from including non-IFRS Standards information in its financial statements. The letter encourages the IASB to test and explore different methods of developing centralized disclosure objectives to ensure that any changes result in improved financial statement disclosure. Read the AcSB letter posted by the IASB.