International reporting: latest IFRS improve transparency and clarity

The latest International Financial Reporting Standards (IFRS) including IFRSs 9, 15 and 16, have focused on increasing transparency in financial statements, which has created more clarity and improved risk management, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

In the early days of accountancy law one of the key principles was established around transparency, continuity, relevance and comparability. This guiding principle has never really altered, despite the world changing in so many ways. In the early years, plenty of efforts centered around the transparency part of accountancy.

Certainly in the pre-crisis period before 2008 the International Accounting Standards Board (IASB) was more concerned with substance over form as one of its key principles.

So what changed? For that we need to look both within the IASB and the US Financial Accounting Standards Board (FASB), and the wider world in which they now operate.

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