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General Presentation and Disclosures

Starting with a summary of ICAEW's observations, this article highlights different perspectives on the IASB's Exposure Draft, General Presentation and Disclosures.

The July 2020 edition of By All Accounts contained an article highlighting the International Accounting Standards Board’s (IASB’s) proposed changes to IFRS accounts contained in their Exposure Draft, General Presentation and Disclosures. Since then, the Financial Reporting Faculty has been busy delving into the detail of the proposals, with our final comments being submitted to the IASB last September (ICAEW Rep 75/20). These views, some of which are outlined below, were formulated over the course of many months through discussions with members and volunteers working in practice, business, academia and the investment community. 

We support the IASB’s efforts to improve the disclosure of MPMs within the financial statements and support many of the proposals. For example, the requirements to: