EFRAG/IASB Outreach on IFRS Disclosure Requirements
The Confederation of Danish Industry (DI) and FSR – Danish Auditors (FSR) are pleased to invite you to a combined physical and web-based meeting in Danish Accounting Forum (Dansk Regnskabsforum) on the IASBs draft re. disclosure
The two below drafts propose significant changes to the present approach to developing and drafting disclosure requirements in IFRS Standards and thus also to the disclosures necessary and the purpose of the disclosure in the financial statements. The simplifications anticipated in the ED onreduced disclosure requirements for subsidiaries is also expected to facilitate the use of IFRS throughout the group reporting.
Read more about the Exposure Drafts on the IASBs website (links above) and join our discussions on the disclosure requirement and whether they will promote better reporting and better standard setting.
The main objective of the meeting is to present and gather views and input from participants on major aspects of the Exposure Drafts on Disclosure for the IASB to consider.
09.00 Opening and Welcome
Torben Johansen, FSR – Danish Auditors, and Kristian Koktvedgaard, Confederation of Danish Industry
After a short presentation of the EDs by the IASB, EFRAG will provide the European preliminary view on the topic followed by an open debate and input from Danish stakeholders.
Topic 1: Disclosure requirements in IFRS Standards – the fundamentals
The proposed new approach to developing and drafting disclosure requirements in IFRS Standards should help companies and other stakeholders improve the usefulness of information disclosed in financial statements. The proposal is taking a new approach and would require entities to
i) comply with overall disclosure objectives that describe the overall information needs of users of financial statements,
ii) comply with specific disclosure objectives that describe the detailed information needs of users of financial statements and
iii) identify items of information to meet each specific disclosure objectives.
Topic 2: Reduced disclosure requirements for subsidiaries without public accountability
The potential reduced-disclosure IFRS Standard would apply on a voluntary basis to subsidiaries that do not have public accountability. However, the IASB discussed the following alternatives
i) Allow reduced disclosure requirements for subsidiaries that do not have public accountability; and
ii) Allow reduced disclosure requirements for all entities that do not have public accountability.
11.55 Closing remarks
Kristian Koktvedgaard and Jan Peter Larsen.