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Final stage

The International Accounting Standards Board (IASB) has completed its project on Disclosure Initiative—Targeted Standards-level Review of Disclosures and published Guidance for developing and drafting disclosure requirements in IFRS Accounting Standards (Guidance). This Guidance is designed to help the IASB develop IFRS Accounting Standards that would enable entities to make better judgements about which information is material and should be disclosed, thereby providing more useful information to investors. The Guidance sets out an approach that involves:

  • engaging early with users to understand their information needs;
  • developing disclosure requirements alongside recognition and measurement requirements;
  • considering the digital reporting implications of new disclosure requirements;
  • using general and specific disclosure objectives that describe and explain users’ information needs; and
  • supporting specific disclosure objectives by requiring entities to disclose items of information that would satisfy these objectives in most cases.

The IASB intends to use this Guidance when developing and drafting disclosure requirements in IFRS Accounting Standards.

The IASB decided not to proceed with any further work on the disclosure requirements in IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits.

The Project Summary and Feedback Statement, published in March 2023, provides an overview of the Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach, summarises the feedback and sets out the IASB’s response to that feedback.