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Purpose of Disclosure in Financial Reports
- Changes in Accounting Policy
- Reporting entities are required to include notes with their financial
reports. The notes explain changes in accounting policies, such as the
application of recognition criteria.
- Reporting entities are required to include notes with their financial
reports. The notes explain changes in accounting policies, such as the
application of recognition criteria.
- Comparability and Understandability
- Compliance with IASB 8 ensures compatibility of reports
- Complex accounting information which is relevant to users’
decision making must be disclosed in the reports
- Compliance with IASB 8 ensures compatibility of reports
- Disclosure is the principle that
businesses should reveal in their
published reports all information
needed for users to make informed
decisions
- If in doubt, DISCLOSE
- If you are not consistent, disclose all facts and effect on income
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