FRC publishes paper to enhance disclosure in financial reporting
15 Oct 2012
The FRC is today publishing a discussion paper ‘Thinking about financial reporting disclosures in a broader context’. The paper aims to improve the quality of financial reporting disclosures.
The paper sets out a road map for a disclosure framework for financial reporting aimed at improving the quality of disclosure and their value to the users. In particular, the paper covers the reduction of clutter in financial reports by avoiding duplication in disclosures and using tests of materiality more rigorously.
A copy of the discussion paper can be obtained here
. The consultation period closes on 31 January 2013.
This publication of this paper builds on the FRC’s work with the Autorité des normes Comptables and the European Financial Reporting Advisory Group (EFRAG) to develop a disclosure framework for the notes to the financial statements.
Roger Marshall, Director of the FRC, said,
“We believe that there is a need to curtail the piecemeal approach to disclosures and develop a coherent framework for disclosures in the financial report. We anticipate that this will lead to disclosures in financial reports being more relevant to the needs of the users of those financial reports whilst at the same time cutting clutter”.
This paper contributes to the FRC’s work on influencing the development of International Financial Reporting Standards.
Notes to editors:
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