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The IASB published a discussion paper on disclosure principles

The International Accounting Standards Board (IASB) has published a discussion paper on the principles of disclosure it wishes to see included in a general disclosure standard or in a non-mandatory guidance.

The principles laid out in the discussion paper aim at helping preparers to communicate information more effectively and improving disclosures for users of financial statements. On the back of the consultation, the IASB will seek to develop disclosure requirements in standards.

The discussion paper on principles of disclosure is one of several projects by the IASB around the question of better communication. These include: the primary financial statements project, the IFRS Taxonomy, the disclosure initiative and the Conceptual Framework project.

IASB chairman Hans Hoogervorst said: “Investors and companies have told us that there is room for improvement in the disclosures in the financial statements. Agreeing which principles underpin effective disclosures are a vital step towards encouraging the behavioural changes required to make financial statements better communication tools in the future.”

The deadline for comments on the discussion paper is 2 October 2017.

The Disclosure Initiative–Principles of Disclosure can be accessed here.

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