IASB publishes Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach

In response to stakeholders’ demands for more relevant and effective disclosures in the financial statements, IASB has proposed a new approach to developing the disclosure requirements in IFRS Standards.

The new approach is written as draft guidance for use by the Board when developing disclosure requirements in individual Standards. In applying the guidance, the Board aims to enhance greater investor engagement to understand the information needs, giver greater prominence to the objective of disclosure requirements and help companies focus on disclosing material information only.

The Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach released by the IASB includes the proposed approach to developing disclosure requirements and the proposed amendments to the disclosure requirements in IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits, which have been developed following the new approach.

 Comments on the Exposure Draft are requested by 21 October 2021.

The Exposure Draft may be accessed here. A snapshot of the proposals may be accessed here. The IASB has also released a short video introducing the proposals, which may be accessed here.