Both require corporates to provide information on their capital, the risks exposed to, and how these risks are managed. Disclosures are required to be made "through the eyes of the management". This enables the user of information to view and assess a firm in the same way its management would.
Disclosures under both IFRS and Basel II include a good mix of quantitative and qualitative aspects. Consistent, comprehensive and comparable disclosures contribute to effective market discipline. IFRS and Basel II disclosures try to ensure that this goal is met.