WG 70 Disclosure Initiative

Chairman: Mr. Lee Kong Weng; Project Manager: Mr. Danny Tan

WG70 was set up to review IASB’s Exposure Draft on Disclosure Initiative. The IASB began the project following feedback received on the IASB’s Agenda Consultation 2011 where the IASB was asked to review the disclosure requirements in existing IFRS and to explore ways to improve disclosures. Consequently, in 2013 the IASB started the Disclosure Initiative, a package of several projects aimed at improving the disclosure of financial information.

The initiative is made up of a number of projects which would run in both short-term and medium-term. The short-term projects would be on materiality and narrow-scope amendments to IAS 1 Presentation of Financial Statements. Meanwhile, in the medium-term, the IASB plans to start on research projects on a Standards-level review of disclosures in existing Standards and also to explore whether IAS 1, IAS 7 Statement of Cash Flows and IAS 8 Accounting Policies, Changes in Estimates and Errors  should be replaced with a single Standard on presentation and disclosure.