BAO3309 - Principles of Disclosure - International Accounting Standards Board - Report Writing Assessment Answer

BAO3309 - Principles of Disclosure - International Accounting Standards Board - Report Writing Assessment Answer 

Task: 

 Principles of Disclosure: Better Communication in Financial Reporting

In 2013, the International Accounting Standards Board (IASB) received feedback that stakeholders had three main concerns about the information that is disclosed in financial statements (IFRS, 2019). These three concerns, which are referred to as the ‘disclosure problem’, were:
1. not enough relevant information;
2. too much irrelevant information; and
3. ineffective communication of the information provided (IFRS, 2019).

• Explain, with reference to the documents and associated resources as listed in the references list, why the IASB decided to undertake a project for the purpose of improving the communication of existing information that is provided in financial statements.
•  Explain, with reference to the documents and associated resources as listed in the references list, the three main concerns about information disclosure in financial statements which are referred to as the disclosure problem.
•  Identify and explain the amendments that were made to both IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows as part of the Disclosure Initiative.
• Explain how materiality affects the presentation and disclosure of information in financial statements with reference to: a) the context of the materiality assessment; b) immaterial information; and c) aggregating and disaggregating information.
•  What concerns were expressed about the content and structure of the primary financial statements and how did the IASB respond to these concerns with reference to: a) the roles of primary financial statements and the notes; and b) the use of performance measures in financial statements.

Answer the following questions:

i. What was the page length of the financial report in both 2014 and 2015 and was it reduced in 2015 and by how much?
ii. What was the total number of notes in the financial report in both 2014 and 2015 and were they reduced in 2015 and by how much?
iii. Explain, using examples from both the 2014 and 2015 report, as to whether or not the notes to the financial statements were grouped into logical categories or sections in 2015 that aligned to the organization’s business and strategy as opposed to 2014?
iv. Compare and contrast the disclosure of accounting policies in the associated notes in both 2014 and 2014. Then, explain, using examples from both the 2014 and 2015 financial reports, as to whether the accounting policies in 2015 were disclosed with more simplified language.
v. Were call-out boxes utilized to highlight information on material estimates and judgments in 2015? Explain using examples from the 2015 financial report.

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