07 April 2014
For the last four years, IASB staff have been co-operating with external parties to identify common practice elements for addition to the IFRS Taxonomy. Common practice elements relate to qualitative or quantitative items that entities commonly present or disclose within IFRS financial statements, even though they are not referred to explicitly in Standards or Illustrative Examples accompanying the Standards.
The IASB has now re-established a Common Practice project for 2014 and is seeking suitable participants to contribute to this project.
The 2014 Common Practice Project
The 2014 Common Practice Project will focus on identifying common practice elements related to the following activities:
What contribution are we asking for?
We expect that participants will actively contribute to an empirical analysis of financial statements and/or provide general feedback to the IASB staff:
The empirical analysis for our 2014 Common Practice project is expected to be performed during Q2 of 2014 for utilities and information technology and during Q3 of 2014 for media and chemicals. Feedback will be sought throughout the duration of the project.
If you wish to participate in our 2014 Common Practice Project, you are invited to express your interest by 15 April 2014, either :
Further details about this initiative may be obtained by replying to the email address above.