Conclusion of the Targeted Standards-level Review of Disclosures
At the beginning of March 2023, the IASB announced the conclusion of the Targeted Standards-level Review of Disclosures, its research project aimed at improving the IASB’s approach to developing disclosure requirements.
Keywords: Mazars, Thailand, IASB, ISSB, Disclosure Requirements
16 May 2023
This project, which was the subject of an Exposure Draft in March 2021, aimed to develop guidance that would be applicable to the drafting of future standards and to test this guidance by applying it to two existing standards (IAS 19 – Employee benefits and IFRS 13 – Fair value measurement).
Following feedback, the IASB decided in October 2022 to focus on developing this guidance.
The IASB has published a summary of this work on its website (available here) along with the final version of its guidance for developing and drafting disclosure requirements in IFRS (available here). According to these guidelines, before drafting disclosure requirements the IASB should:
- understand the information needs of users of financial statements and discuss these needs with preparers and other stakeholders;
- understand the disclosures that are required to support recognition and measurement requirements;
- understand and document the effects of disclosure proposals and requirements, not least through a cost–benefit analysis; and
- consider the digital reporting implications.
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