Hans Hoogervorst, chairman of the IASB has outlined plans to prioritise improvements to the communications effectiveness of financial statements
HANS HOOGERVORST, chairman of the IASB, has outlined plans to prioritise improvements to the communications effectiveness of financial statements.
Speaking at the IFRS Foundation’s annual European Conference in Zurich, Switzerland, Hoogervorst said that the completion of several big IFRS standards now allows the standard setter to focus its efforts on increasing the communication effectiveness of financial statements.
Hoogervorst said: “Valuable information gets drowned out by ‘tick the box’ disclosures and voluminous, but poorly organised and presented, financial statements. For the investor, it is often difficult to see the woods through the multitude of information trees.
“We will take a fresh look at how financial information is presented, how it is grouped together, and in what form it is made available.”
The effort will bring together a number of work streams, including:
Hoogervorst also announced that the IASB will be playing a more active role in supporting jurisdictions in the implementation of new and existing IFRS.