IFRS® Standards

Disclosure initiative—Principles of Disclosure


The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to identify disclosure issues and address them by developing new, or clarifying existing, principles of disclosure in IFRS Standards.

Staff Contact(s)

Andrew White, CPA, CA

Senior Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to January 2015

  • Approving project

    The IASB approved the project in January 2015

    The IASB split original project into two parts and issued Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) in February 2018

    The AcSB endorsed and incorporated these amendments into Part I of the CPA Canada Handbook – Accounting in April 2018

  • Consulting stakeholders

    IASB issued an Exposure Draft, June 2015

    AcSB issued an Exposure Draft, July 2015

    AcSB consulted with several stakeholders with expertise in employee future benefits (including stakeholders representing audit firms and benefit consulting firms) in August 2015 and August 2017

  • Deliberating feedback

    The IASB reviewed the evidence and concluded that improving the way disclosure requirements are developed and drafted in IFRS Standards is the most effective way to help solve the disclosure problem. Consequently, the IASB has decided to prioritize its Targeted Standards-level Review of Disclosures project.

  • Final pronouncement

    The IASB published a project summary in March 2019.

Read the IASB’s Project Report


October 2, 2017


AcSB Response – Discussion Paper – Principles of Disclosure

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.

May 10, 2017


Roundtable – Stakeholders’ Views Sought on How to Improve Disclosures in IFRS Financial Statements

May 10, 2017. Register to attend the AcSB’s roundtable discussions to share your views on the IASB’s Discussion Paper on the Principles of Disclosure.

April 4, 2017


IASB Discussion Paper – Disclosure Initiative — Principles of Disclosure

April 4, 2017. The IASB has issued a Discussion Paper that suggests principles to make disclosures in financial statements more effective.

Canadian stakeholders are encouraged to provide feedback directly to the IASB by October 2, 2017.

Meeting & event summaries

September 20, 2017

AcSB Decision Summary – September 20-21, 2017

The Board reviewed and approved its response letter to the IASB® Discussion Paper, “Disclosure Initiative – Principles of Disclosure,” subject to drafting changes.

July 13, 2017

AcSB Decision Summary – July 13, 2017

The Board discussed key points to include in its response letter to the IASB’s Discussion Paper, “Disclosure Initiative – Principles of Disclosure.” As part of the discussion, the Board considered stakeholder feedback obtained through the Board’s outreach to date on this topic.

The Board encourages stakeholders to share their views on the Discussion Paper by submitting comment letters to the IASB by October 2, 2017 with a copy to the AcSB.

May 16, 2017

AcSB Decision Summary – May 16, 2017

The Board discussed some key areas of the IASB’s Discussion Paper, “Disclosure Initiative—Principles of Disclosure” on which the Board will seek stakeholder input to inform its response to the IASB. Specifically, the Board discussed the following sections of the Discussion Paper:

  • Section 1 – Overview of the ‘disclosure problem’ and the objective of this project;
  • Section 3 – Roles of the primary financial statements and the notes; and
  • Section 4 – Location of information.

The Board encourages stakeholders to share their views on the Discussion Paper by registering to attend an AcSB roundtable discussion in Vancouver, Toronto, Montreal or virtually, and submitting comment letters to the IASB by October 2, 2017.


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.