The Disclosure Initiative is an important project with potential to improve financial reporting for both preparers and users by eliminating unnecessary detail and concentrating on the quality of disclosures. Similar supportive initiatives by other organizations, such as the U.S. Securities and Exchange Commission’s Disclosure Effectiveness project and ESMA’s 2012/13 consultation on materiality in financial reporting, show there is an opportunity to make concrete progress on improving disclosures. The IASB’s Work Plan includes target dates for Board discussion on Materiality and publication of an Exposure Draft covering a Financing Liabilities reconciliation. However, the timing of work on the General Disclosure Review is still undefined. It would be unfortunate if the significant momentum behind this project is lost because of delay. We urge the Board to set and publish a target date for the general disclosure review work as soon as possible.
Comment Letter on Exposure Draft on the Disclosure Initiative (PDF)
