Are you ready for disclosure requirements based completely on objectives? – Preparers still have until 20 November to respond

EFRAG seeks feedback from all type of preparers on a new approach to developing disclosure requirements in individual IFRS Standards by the IASB. The proposals is tested on IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits. EFRAG issued an online questionnaire / invitation for an interview to receive feedback specifically (but not exclusively) from small and medium entities. We are ready to receive feedback in languages other than English.

​In response to stakeholders' feedback on an overall disclosure problem, the IASB published the Exposure Draft ("ED") Disclosure Requirements in IFRS Standards—A Pilot Approach (here). In the ED, the IASB proposes a new approach to developing disclosure requirements in individual Standards (proposed Guidance for the IASB) which requires the companies to use an objective based approach only.

In its Draft Comment Letter in response to the IASB's exposure draft, EFRAG recommended that a comprehensive outreach and field testing of the proposals are undertaken to assess the operational challenges for preparers.

The questionnaire is split between the general approach that the IASB would expect to use when drafting IFRS Standards and the amendments to IAS 19 and IFRS 13. The questions related to IAS 19 and to IFRS 13 are optional, depending on how these Standards impact your business. Completion of the general part of questionnaire should take approximately 30 minutes but it will depend on the respondent's familiarity with the ED.

Respondents may reply to the questionnaire through the online version here or by completing and sending the word document by email to disclosureinitiative-pilot@efrag.org. A word version of the questionnaire can be downloaded here. For more details and more information on the exposure draft we refer to the original news item issued on 6 October here.

EFRAG's questionnaire responses remain anonymous. Results will be published on an aggregated basis.

Should entities prefer to express their views on the ED through interviews, please send an email to disclosureinitiative-pilot@efrag.org. 

On request, interviews may be held in European languages other than English. 

Respondents may also provide their qualitative comments in the questionnaire using European languages other than English.

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