Have your financial statements become too lengthy and complex? You’re not alone.
In an attempt to ‘cut the clutter’, the International Accounting Standards Board (IASB) has made changes to help preparers avoid ‘disclosure overload’.
Revised: AASB 101 Presentation of Financial Statements
A key outcome of the initiative was a revised version of AASB 101 Presentation of Financial Statements.
The revised standard gives the preparers of financial statements the freedom to apply materiality and exercise judgment in deciding what should be included in financial statements.
Case Study: How Bega Cheese reduced note disclosures from 40 to 26 pages
Our latest white paper explores how you can apply the new decluttering principles in practice, with reference to a comparison between the 2013 and 2015 financial statements of Bega Cheese Ltd.