On 4 September 2017 the AICD lodged a submission to both the Australian Accounting Standards Board and the International Accounting Standards Board on Discussion Paper DP/2017/1 Disclosure Initiative – Principles of Disclosure.
In this submission, the AICD supported the objective to improve the quality and nature of disclosures in the financial report, as directors see the extent of disclosures being a key inhibitor to the effective communication in financial reporting. However, we expressed our disappointment at the limited progress on this initiative and the lack of work on disclosure overload. We encouraged a standards level review of disclosures to be undertaken in parallel with the development of principles of disclosures. Further, we strongly support the work being done on alternative performance measures and consider that allowing non-IFRS information within the financial report could improve the relevance of the financial report and bring some international consistency to its presentation. We also encouraged the standard setting boards to fully explore the benefits that technology can bring to the improved presentation of the financial report.
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