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28 Feb. 2014

The AASB has published a staff paper on disclosures and materiality

The AASB has published a staff paper titled “To Disclose or Not to Disclose: Materiality is the Question”.  The paper is designed to prompt preparers of financial statements to potentially rethink their criteria for determining which disclosures to include in their financial statements.

The paper was written because of an increasing concern about ‘disclosure overload’, and suggests some practical actions preparers can take (and not take) to help reduce the overload.  Future work of the AASB will consider what standard-setters can do to further help reduce concerns about overload, and thereby better meet the needs of users of financial statements.

Staff papers have no authoritative standing.