Keywords: Mazars, Thailand, IFRS, IASB, GAAP, IAS1
23 July 2015
Thus, the statement of comprehensive income and the related notes were reorganized into sections that reflect the various activities of the Foundation:
- the IASB’s activities (technical and operational activities, trustee oversight, premises, and taxation);
- funding (contributions, publications, and related activities); and
- management of funds (foreign currency management, investments, finance income, and finance costs).
The following information is presented in each section:
- the relevant financial data;
- the key accounting policies that are relevant to an understanding of the Foundation’s activities – information deemed to be less relevant has been either:
- removed; or
Thus, the key information is presented more clearly for users of the financial statements.
This has not actually resulted in a shorter notes section (8 pages in 2014, 7 pages in 2013). However, the page design incorporates less content and more white space, thus improving legibility.
For more information, please read the IFRS Foundation annual report for 2014.