The Grant Thornton International Ltd IFRS Team has published Telling your story: Making your financial statements an effective communication tool.

The average length of financial statements prepared under IFRS has been growing for many years, as more disclosure requirements are added. In the near future major new IFRSs on revenue, financial instruments and leasing will add still more.

A reluctance to deviate from well-established practices has led to duplication, irrelevance and ‘boilerplate’.

All this increases the burden on you – the preparers. Disclosures are added for good reasons - responding to more complex business models and transactions and investors’ needs to understand them. Unfortunately, many investors complain that the result is cluttered financial statements in which the truly important information is hard to find.