Much like Dorothy in The Wizard of Oz, we find ourselves lost in a tornado of International Accounting Standards Board (IASB) disclosures, in the search for the Emerald City, the IASB is trying to reach a place where disclosures are more relevant and transparent.

In the last month plenty has happened with the board meeting talking about performance measures within disclosures and sharing its views on better communication in the capital markets. Now, the disclosure project is becoming more than just an initiative with the release of a discussion paper on the principles of disclosure.