The International Accounting Standards Board (IASB) set out for public comment Thursday a new approach to developing disclosure requirements in IFRS and new disclosure requirements for IFRS 13, Fair Value Measurement, and IAS 19, Employee Benefits.
The board tested the new approach on the two standards.
The proposals contained in the exposure draft, Disclosure Requirements in IFRS Standards — A Pilot Approach: Proposed Amendments to IFRS 13 and IAS 19, would enable companies to enhance their judgement and reduce “boilerplate” information, giving investors more useful information, the IASB said.
IASB Chair Hans Hoogervorst, said: “We believe this new approach to developing disclosure requirements in IFRS standards can serve as a catalyst to improving information to investors; however, real improvements can only be achieved if all those involved — companies, auditors, regulators, and investors — work together.”
— Oliver Rowe (Oliver.Rowe@aicpa-cima.com) is an FM magazine senior editor.