Principles of Disclosure: Better Communication in Financial Reporting - Accounting and Finance Assignment Help

ASSIGNMENT TASK:

TASK:

Research topic: 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).

As a result, the IASB established the Disclosure Initiative for the purpose of exploring how to make disclosures more effective in financial statements (IFRS, 2019). As part of the Disclosure Initiative, the IASB completed four projects for the purpose of making “targeted improvements to IFRS Standards and guidance” in order to provide “tools to help preparers and other stakeholders improve communication in financial statements” (IFRS, 2019). These four projects were: 1. Amendments to IAS 1 Presentation of Financial Statements; 2. Amendments to IAS 7 Statement of Cash Flows; 3. The publication of IFRS Practice Statement 2—Making Materiality Judgements; and 4. The publication of amendments to IAS 1 and IAS 8 which refine the definition of material and clarify its application (IFRS, 2019).

The main outcomes of the research project were: 1. Prioritisation of the IASB’s Targeted Standards- level Review of Disclosures project; 2. Addition of a new project on accounting policy disclosures to the IASB’s agenda; and 3. Develop guidance and examples intended to help entities apply materiality judgements to accounting policy disclosure (IFRS, 2019).

Required
1. 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.
 

2. 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.
 

3. 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.

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