12/10/2017 - EFRAG's comment letter on the IASB's Discussion Paper DP/2017/1 Disclosure Initiative - Principles of Disclosure

In the letter EFRAG fully supports the aims of the IASB's Principles of Disclosure project. EFRAG also agrees with the description of the 'disclosure problem' insofar as it is acknowledged that the problem is multifaceted, includes behavioural aspects and that the requirements in IFRS Standards are not the only root cause.

EFRAG considers that, in the next steps of the project, a high priority should be given by the IASB to a comprehensive review of standards-level requirements. The review should, in particular, aim to identify and remove any disclosure requirements that are disproportionate or redundant.

Lastly, EFRAG regrets that a number of other issues identified in its 2012 Discussion Paper Towards a Disclosure Framework for the Notes are not addressed in greater depth, in particular  the boundaries of the financial statements  and the effects of technology on Financial Reporting.

Please see the letter here.