• Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 2/03/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

The challenges of the evolving nature of disclosures (2011/06) 

This issue of In the Headlines summarises the IASB discussion paper The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications, published in January 2011.

Key issues

  • How to balance the ‘understandability’ assertion for disclosure with the compliance focused assertion of ‘completeness’.
  • How is materiality determined for disclosures.
  • How is sufficient appropriate audit evidence obtained for different categories of disclosures.
IFRS Briefing Sheets - International financial reporting updates