The International Accounting Standards Board (IASB) published a Feedback Statement summarizing the discussions at a forum hosted by the IASB on financial information disclosure titled Discussion Forum--Financial Reporting Disclosure. IASB also signalled its desire to serve as a catalyst for collective action by preparers, regulators and the accounting profession.
In January 2013, IASB hosted a public forum to foster dialogue between all stakeholders in financial statements and the IASB about how to improve the usefulness and clarity of disclosure. Representatives of these stakeholders groups debated the factors that have contributed to increased volume of financial information disclosures and a perceived reduction in the quality and usefulness of those disclosures. Discussions among participants indicated a broad consensus that collective action was required for improvements to be made.
The feedback statement summarizes those discussions as well as recommended actions resulting from them. Regarding its responsibilities, IASB intends to take action in three main areas:
Amendments to IAS 1: IASB will make narrow scope amendments to IAS 1 Presentation of Financial Statements to address perceived impediments to preparers exercising their judgement in presenting their financial reports.
Materiality: IASB will seek to develop educational material on materiality with input...