Sixty percent of financial statement data is already being nsumed electronically, and this figure will ntinue to grow, acrding to International Acunting Standards Board Chairman, Hans Hoogervorst.

Speaking at an Acuntancy Europe nference on the Future of rporate Reporting on Monday,Mr Hoogervorst emphasised the need for the IFRS standards setter to take a fresh look at the Primary Financial Statements.The standards setter is looking to inrporate more break downs,examine the need for more sub totals,and provide better structure to the inme and cash flow statements.These measures will allow users to rce their reliance on notes to the acunts.All of these changes,carried out as part of the Better mmunications initiative will also help further improve the IFRS taxonomy.Indeed,“improving the aessibility and quality of digital financial information by ntinuing to develop the IFRS Taxonomy and build upon its use around the world”is one of three key initiatives of the IFRS Foundation mentioned by the Chairman.

Mr Hoogervorst pointed out that the upming application of the IFRS taxonomy in the SEC’s Foreign Private Issuer XBRL mandate and ESMA’s ESEF reporting requirements across Europe,will improve the data available to users,including through data providers.It will also provide the IASB itself with a rich source of information about the way that mpanies are disclosing financial performance around the world.

At the same time,financial reporting in the narrow sense has limitations,acrding to the IASB Chair,who emphasises the need for users to have aess to a range of other information as well.While acknowledging the importance of Environmental,Social and ernance reporting,the IASB is not,at this point,looking to take on standards setting in this wider field of rporate Reporting,acknowledging that this expertise lies elsewhere,including at GRI,CDP and SASB.

In this regard,Mr Hoogerverst urged policymakers to nsider the importance of changing behaviours (particularly in relation to climate change and environmental degradation)through targeted use of taxation policies to alter incentives and price in risks appropriately,rather than expecting that disclosure can act as a cure all.

The IASB will ntinue to focus on financial reporting,with Hoogerverst underlining the importance of this role,stating that “the more information that bemes available,the more need there is for mparability,standardisation and quality ntrol –and acunting standards aim to achieve this,based on sound enomic principles”.

Read the full speech here.

中文新闻：IFRS的数字应用加速