{"id":435,"date":"2017-10-04T16:37:20","date_gmt":"2017-10-04T08:37:20","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=435"},"modified":"2018-03-06T16:41:39","modified_gmt":"2018-03-06T08:41:39","slug":"asc-responded-to-iasb-on-discussion-paper-dp20171","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2017\/10\/04\/asc-responded-to-iasb-on-discussion-paper-dp20171\/","title":{"rendered":"ASC Responded to IASB on Discussion Paper DP\/2017\/1"},"content":{"rendered":"

The Accounting Standards Council (ASC) has submitted comment letters to the International Accounting Standards Board (IASB) on Discussion Paper DP\/2017\/1 Disclosure Initiative\u2013Principles of Disclosure<\/em> which was issued in March 2017.<\/p>\n

The main objective of this Principles of Disclosure project is to identify disclosure issues and develop new, or clarify existing, disclosure principles in IFRS Standards to address those issues and to:<\/p>\n

(a) \u00a0\u00a0 help entities to apply better judgement and communicate information more effectively;<\/p>\n

(b) \u00a0\u00a0 improve the effectiveness of disclosures for the primary users1 of financial statements; and<\/p>\n

(c) \u00a0\u00a0 assist the Board to improve disclosure requirements in Standards. (IN3)<\/p>\n

The ASC has focused their comments on the specific questions in the DP.\u00a0 In summary, the ASC suggest that the IASB could consider the following approach as a starting point for further work:<\/p>\n

A general disclosure standard<\/u><\/p>\n

On the centralised disclosure objectives:<\/p>\n

(a) \u00a0\u00a0 The objectives as described in paragraph 8.7; and<\/p>\n

(b) \u00a0\u00a0 The objectives for providing the following information: (i) information as described in paragraphs 8.8(b)\u2013(c) and 8.8(e)\u2013(g); (ii) information such as the description of item, transaction, event or condition, and the changes in financial position, financial performance and cash flows.<\/p>\n

Individual IFRS Standards<\/u><\/p>\n

On the following in developing disclosure requirements:<\/p>\n

(a) \u00a0\u00a0 A two-tier approach to disclosures, based on the concept of materiality;<\/p>\n

(b) \u00a0\u00a0 For second-tier disclosure requirements, an explanation of the purpose of disclosures, how disclosures would contribute to standard-level disclosure objectives, and the circumstances in which disclosures should be made;<\/p>\n

(c) \u00a0\u00a0 An emphasis on the use of judgement in applying the disclosure requirements; and<\/p>\n

(d) \u00a0\u00a0 The use of less prescriptive wordings in the drafting of disclosure requirements.<\/p>\n

The comments submitted can be viewed from the ASC website.<\/p>\n

Source: ASC<\/em>, 28 September 2017<\/p>\n","protected":false},"excerpt":{"rendered":"

The Accounting Standards Council (ASC) has submitted comment letters to the International Accounting Standards Board (IASB) on Discussion Paper DP\/2017\/1 Disclosure Initiative\u2013Principles of Disclosure which was issued in March 2017. The main objective of this Principles of Disclosure project is to identify disclosure issues and develop new, or clarify existing, disclosure principles in IFRS Standards […]<\/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":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-435","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\/435","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=435"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/435\/revisions"}],"predecessor-version":[{"id":436,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/435\/revisions\/436"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=435"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}