Fiume Raffaele, Onesti Tiziano, Bianchi Stefano / Financial Reporting / 1-2019
The disclosure in financial statements is one of the pillars of the framework of the International Financial Statements (IFRS). All the standards include a relevant section with indication about the information and data to be disclosed in the notes, however feedbacks received from the stakeholders and users indicated the existence of concerns about the effectiveness of disclosures in financial statements and about the disclosure overload. In order to respond to the above concerns and feedbacks, the International Accounting Standards Board (IASB) launched the Discosure Initiative in 2013. The Disclosure Initiative is a multi-faced project that involves various IFRSs aiming to limit the disclosure in the financial statements and improving the financial information, it is part of the global project “Better Communication in Financial Reporting” that will be implemented in order to improve the way financial information is prepared by the IFRS entities. The purpose of the following review is to analyse the different stages of the Disclosure Initiative between the four completed phases and the on-going projects and to comment its results.
disclosure initiative, materiality, principles of disclosure, primary financial statements