IASB Says Tackling Disclosure Problem ‘Requires Joint Effort’
The International Accounting Standards Board (IASB) released highlights of a recent survey on financial information disclosures, ahead of its public discussion forum on ‘Disclosures in Financial Reporting’, and said respondents had identified various factors contributing to the disclosure problem.
The IASB received 225 responses from respondents across Africa, Asia, Europe and North America. Around 50% of responses came from financial statement preparers and around 20% came from users.
Highlights of the survey include:
Hans Hoogervorst, chairman of the IASB, said that feedback from the survey indicated a need for standard-setters, auditors, preparers, regulators and investors to work together in order to deliver vital improvements to all disclosures, not just those contained within the financial statements. “Our discussion forum on disclosures next week is the first step on that journey,” he added
The IASB Disclosure Forum will take place in London on 28 January. The event is open to the public and will also be webcast.