The International Accounting Standards Board (IASB) has issued an update on its Disclosure Initiative, which is a “a broad-based initiative to explore how disclosures in IFRS financial reporting can be improved.”

According to the IASB's statement, the update – referred to as Agenda Paper 11A – covers three areas, which are as follows:

1. Materiality

• Exposure Draft of the proposed Practice Statement; and
• aligning the definition and additional paragraphs for IAS 1.

2. Principles of Disclosure project

• aggregation of information;
• content of the notes;
• drafting of disclosure requirements;
• review of IAS 8;
• disclosure of accounting policies; and
• presentation on the face or in the notes.

3. Next steps

The Disclosure Initiative was set up in 2013 and is based a number of implementation and research projects. It was initially informed by a public Discussion Forum on Disclosure in Financial Reporting, held in January 2013, which aimed to foster dialogue between users of financial statements, preparers, standard-setters, auditors and regulators. At the same time, the IASB also conducted a survey, which provided feedback for the initiative.

Each part of the project involves detailed reviews and updates to existing IAS reporting regulations, as well as discussion of new Exposure Drafts. More detail on the update can be found on ifrs.org.