Improvements to the Notes
On 5 May 2015, the IFRS Foundation published its annual report for the financial period to 31 December 2014. In line with the project to improve the notes to financial statements, the Foundation’s financial statements were presented in accordance with the amendments to IAS 1 published by the IASB at the end of 2014.
Keywords: Mazars, Thailand, IFRS, IASB, GAAP, IAS1
23 July 2015
Thus, the statement of comprehensive income and the related notes were reorganized into sections that reflect the various activities of the Foundation:
- the IASB’s activities (technical and operational activities, trustee oversight, premises, and taxation);
- funding (contributions, publications, and related activities); and
- management of funds (foreign currency management, investments, finance income, and finance costs).
The following information is presented in each section:
- the relevant financial data;
- the key accounting policies that are relevant to an understanding of the Foundation’s activities – information deemed to be less relevant has been either:
- removed; or
- simplified.
Thus, the key information is presented more clearly for users of the financial statements.
This has not actually resulted in a shorter notes section (8 pages in 2014, 7 pages in 2013). However, the page design incorporates less content and more white space, thus improving legibility.
For more information, please read the IFRS Foundation annual report for 2014.
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