Disclosures in financial statements

In line with its initiative to improve financial reporting and its strategic approach entitled Better Communication, on 30 March 2017 the IASB published a discussion paper on the principles of financial disclosure.

Keywords: Mazars, Thailand, IASB, IFRS, Disclosures

5 May 2017

This paper seeks to answer the frequent criticism that financial statements often include too little relevant information, too much irrelevant information and information disclosed ineffectively. The discussion paper includes the following suggestions:

▪ Seven principles of effective communication, which could be included in a general disclosure standard or described in non-mandatory guidance;

▪ Possible approaches to improve disclosure objectives and requirements in IFRS Standards;

▪ Principles of fair presentation and disclosure of performance measures and non-IFRS information in financial statements, to ensure that such information is not misleading.

The paper is open for comments until 2 October 2017. It is available on the IFRS website