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ISCA comments on IASB’s ED on Disclosure Requirements in IFRS Standards – A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)

We are supportive of the ED’s objectives to improve how IASB develops disclosure requirements and improve the relevance of disclosures. Through this ED, IASB has communicated an important message – preparers are empowered to exercise judgement to determine disclosures in financial statements. This is a step in the right direction to addressing the disclosure issues in financial statements. The role of professional accountants as preparers will be more significant going forward.

In our comment letter, we have also highlighted the practical challenges potentially faced by stakeholders under the proposed approach. These include challenges to apply the proposed approach, review the disclosures and enforce the requirements.


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