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Disclosure Initiative - Accounting Policies


On 18 July 2018, the IASB added a project to its agenda to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure.  The IASB added this project in response to feedback on the Principles of Disclosure Discussion Paper (see EFRAG's projects Disclosure Initiative - Principles of Disclosure and Disclosure Initiative - Targeted Standards-level Review of Disclosures.)

The IASB is developing amendments to paragraphs 117-124 of IAS 1 Presentation of Financial Statements to require entities to disclose their material accounting policies rather than their significant accounting policies.  To support this amendment the IASB is also developing guidance and examples to explain and demonstrate the application of the 'four-step materiality process' described in IFRS Practice Statement 2 Making Materiality Judgements to accounting policy disclosures (see EFRAG's project Disclosure Initiative - Definition of Material )

The IASB issued its Exposure Draft on 1 August 2019.

EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2019/6 Disclosure of Accounting Policies (Proposed Amendments to IAS 1 and IFRS Practice Statement 2) and seeks constituents' views on the proposals. Comments are requested by 22 November 2019.

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