The IFRS Foundation, the group that oversees the International Accounting Standards Board and its work on International Financial Reporting Standards, published a case study report on how companies have improved communication in their IFRS financial statements.
The report, “Better Communication in Financial Reporting—Making disclosures more meaningful,” features six case studies of companies from different industries around the world, and delves into their process to improve disclosures in the notes to their IFRS financial statements.
The report is intended to share how improvements can be made and encourage companies to undertake their own improvement projects by including examples from these companies. The reported improvements are in identifying relevant information, appropriately prioritizing it, and presenting it in a clear and simple manner.
The report, forming part of the IASB’s work under its “Better communication in financial reporting” initiative, complements other recent work, like the principle of disclosure project and IFRS Practice Statement 2 ”Making Materiality Judgments.”
“The information in financial statements has to be communicated clearly and effectively to help investors make investment decisions,” said IASB chairman Hans Hoogervorst in a statement. “We hope that this report will inspire companies to start or continue their journeys to improve the communication of information in their financial statements.”
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