Disclosure requirements

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Offline hassan

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Disclosure requirements
« on: April 20, 2017, 11:21:48 AM »
Disclosure requirements

Required disclosures include:

    general information about how the entity identified its operating segments and the types of products and services from which each operating segment derives its revenues [IFRS 8.22] judgements made by management in applying the aggregation criteria to allow two or more operating segments to be aggregated [IFRS 8.22(aa)]# information about the profit or loss for each reportable segment, including certain specified revenues* and expenses* such as revenue from external customers and from transactions with other segments, interest revenue and expense, depreciation and amortisation, income tax expense or income and material non-cash items [IFRS 8.21(b) and 23] a measure of total assets* and total liabilities* for each reportable segment, and the amount of investments in associates and joint ventures and the amounts of additions to certain non-current assets ('capital expenditure') [IFRS 8.23-24] an explanation of the measurements of segment profit or loss, segment assets and segment liabilities, including certain minimum disclosures, e.g. how transactions between segments are measured, the nature of measurement differences between segment information and other information included in the financial statements, and asymmetrical allocations to reportable segments [IFRS 8.27] reconciliations of the totals of segment revenues, reported segment profit or loss, segment assets*, segment liabilities* and other material items to corresponding items in the entity's financial statements [IFRS 8.21(b) and 28] some entity-wide disclosures that are required even when an entity has only one reportable segment, including information about each product and service or groups of products and services [IFRS 8.32] analyses of revenues and certain non-current assets by geographical area – with an expanded requirement to disclose revenues/assets by individual foreign country (if material), irrespective of the identification of operating segments [IFRS 8.33] information about transactions with major customers [IFRS 8.34]

# This disclosure requirement was added by Annual Improvements to IFRSs 2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014.

* This disclosure is required only if such amounts are regularly provided to the chief operating decision maker, or in the case of specific items of revenue and expense or asset-related items, if those specified amounts are included in the relevant measure (segment profit or loss or segment assets).

Considerable segment information is required at interim reporting dates by IAS 34.
Md. Arif Hassan
Assistant Professor
Department of Business Administration
Faculty of Business and Economics
Daffodil International University

Offline Shekh Moniruzzaman

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Re: Disclosure requirements
« Reply #1 on: April 26, 2017, 10:35:50 AM »
Thank you sir for sharing.

Besides the above, the laws of the land and professional pronouncement also require the following information to be disclosed in many countries:

   Disclosure of accounting policies which includes consolidation of financial statement if needed, fiscal year of the concern, cash and cash equivalents, methods of inventory valuation, basis of fixed assets record, methods of depreciation, method of assets valuation, pension and retirement benefit plan, income tax, foreign currency translation, basis of estimates, revenue recognition principle etc.;
   Any changes of accounting policies;
   If certain assets are pledged as security to specific creditors, contingency liabilities and unrealized gains.
   Disclosure of segment-wise accounting information (product-wise, and geographic division-wise).
   Interim (quarterly) reports of the company’s performance and financial position;
   Supplementary information on accounting adjustments for changing in prices;
   Events occurring after the balance sheet date;
   Related party transactions;
   Future prospects of the company.