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2 Aug. 2019

Exposure Draft: Disclosure of Accounting Policies

ED 296 Disclosure of Accounting Policies proposes amendments to help entities provide accounting policy disclosures that are more useful to primary users of financial statements.

AASB 101 requires entities to disclose their ‘significant’ accounting policies. The Board proposes to replace that requirement with a requirement to disclose ‘material’ accounting policies. In addition, the Board is proposing amendments to AASB 101 and AASB Practice Statement 2 to help entities apply the concept of materiality in making decisions about accounting policy disclosures.

The proposed amendments are intended to help entities:

• identify and disclose all accounting policies that provide material information to primary users of financial statements; and

• identify immaterial accounting policies and eliminate them from their financial statements.

Please submit your comments to the AASB by 28 October 2019 via the AASB websiteLinkedIn or email.