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Transforming Disclosures in Annual Reports
The Chairman of the International Accounting Standards Board (’the Board’), Hans Hoogervorst, stated in a speech in June 2013 that ”For many companies, the size of their annual report is ballooning. The amount of useful information contained within those disclosures has not necessarily been increasing at the same rate. The risk is that annual reports become simply compliance documents, rather than instruments of communication." This statement summarises the steps that the Board is taking to help address this situation.
It is useful to provide some context for the work the Board is currently undertaking. In January 2013, the Board held a Discussion Forum on ”Disclosures in Financial Reporting" and a related survey on Financial Reporting Disclosure was also conducted at this time. A Feedback Statement on these events was published in May 2013 and the Disclosure Initiative was formally established. The Disclosure Initiative is a portfolio of projects which includes both implementation and research projects.
The implementation projects include:
narrow-focused amendments to IAS 1Presentation of Financial Statements. Amendments to IAS 1 were published in December 2014; and
narrow-focused ame...