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Applying IFRS: Enhancing communication effectiveness
We explore how the IASB plans to make IFRS financial statements more effective in communicating information to users.
Against the backdrop of recent calls for enhanced corporate reporting, this publication explores ways of making IFRS financial statements more effective in communicating relevant financial information and, therefore, improving their overall understandability for users. Standard setters and regulators, such as the IASB and the FASB, have identified room for improvement in current financial reporting practices in three areas:
- In some instances, irrelevant information is being disclosed.
- Not all relevant information is being provided in all circumstances.
- Relevant information provided is not always effectively communicated.
This publication draws on recent discussions in the field of financial reporting as well as efforts made by reporting entities to try innovative ways to improve disclosure effectiveness.