The Necessity Of Having More Meaningful IFRS Disclosures

In my last article, I discussed how the International Accounting Standards Board (IASB) aims to significantly improve financial statement disclosures and to provide the preparers with clearer guidance on applying the requirements set out in accounting standards. This article will go into the concerns raised in reaction to the IASB's March 2017 discussion paper on disclosures.

The seven principles of effective communication

Communication between financial statement preparer and user must indeed be made more effective. To this end, the IASB's discussion paper introduced seven key principles to help entities in their communication to stakeholders. The seven principles are:

• information that is more entity-specific