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IFRS For Dummies by Steven Collings

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Chapter 18

Ten Disclosure Requirements Under IFRS

In This Chapter

arrow Knowing some of the key disclosure requirements

arrow Disclosing information about prior-period adjustments

arrow Taking stock: getting inventories and work-in-progress disclosures correct

arrow Sharing information about employee-related issues

I bang on a lot about disclosures in this book and how important they are, but the reality is that they are important because they convey crucial information about the numbers in the financial statements together with any significant events that have occurred in the year that the user of the financial statements should be made aware of. Crucial concepts underpinning the preparation of financial statements are how companies elaborate on the numbers in the financial statements, how easy the user finds it to understand those numbers and the effect those numbers have on the organisation. You apply these concepts primarily through the disclosures you make in the notes to the financial statements (and in other parts of the financial statements, such as in the Report of the Directors).

In this chapter, ...

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