{"id":1094,"date":"2019-08-01T14:23:38","date_gmt":"2019-08-01T06:23:38","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1094"},"modified":"2020-01-13T14:35:23","modified_gmt":"2020-01-13T06:35:23","slug":"iasb-proposes-amendments-to-ifrs-standards-to-improve-accounting-policy-disclosures","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/08\/01\/iasb-proposes-amendments-to-ifrs-standards-to-improve-accounting-policy-disclosures\/","title":{"rendered":"IASB proposes amendments to IFRS Standards to improve accounting policy disclosures"},"content":{"rendered":"\n<p>On or about 1 August 2019, the International Accounting Standards Board (IASB) has proposed amendments to IAS 1 <em>Presentation of Financial Statements<\/em> and IFRS Practice Statement 2 <em>Making Materiality Judgements<\/em> to assist companies in providing accounting policy disclosures to users of financial statements.<\/p>\n\n\n\n<p>IAS 1 requires companies to disclose their \u2018significant\u2019 accounting  policies.<\/p>\n\n\n\n<p>The  IASB proposes to replace the reference to \u201csignificant\u201d with a  requirement to disclose \u201cmaterial\u201d accounting policies to clarify the  disclosing information threshold.<\/p>\n\n\n\n<p>The proposals state that information about an accounting policy is  material if it can influence financial statement users\u2019 decisions about the company, when it is considered together with other information included in  a company\u2019s financial statements.<\/p>\n\n\n\n<p>The IASB has also proposed to add guidance to IAS 1 to assist companies in understanding what makes an accounting policy material and to update IFRS  Practice Statement 2 by adding further explanations and examples to assist companies in applying the concept of materiality in making decisions regarding accounting policy disclosures. <\/p>\n\n\n\n<p>The IASB is asking stakeholders to comment on the proposed amendments  and is particularly interested in comments on whether the examples  proposed for inclusion in the Practice Statement are helpful. \u00a0 <\/p>\n\n\n\n<p>The Exposure Draft <em>Disclosure of Accounting Policies<\/em> is open for comments till 29 November 2019.<\/p>\n\n\n\n<p>Source: IFRS website, 1 August 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 1 August 2019, the International Accounting Standards Board (IASB) has proposed amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to assist companies in providing accounting policy disclosures to users of financial statements. IAS 1 requires companies to disclose their \u2018significant\u2019 accounting policies. The IASB [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1094","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1094"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1094\/revisions"}],"predecessor-version":[{"id":1095,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1094\/revisions\/1095"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1094"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}