FRC thought leadership work
In October 2012, the FRC published a discussion paper Thinking about disclosures in a broader context. The overall aim of the paper was to improve the quality of financial reporting disclosures.
The paper sets out a roadmap for a disclosure framework that considers disclosures in the financial report as a whole. The paper explores themes for disclosures; the boundaries of financial reporting including placement criteria; communication principles and calls for a more robust application of materiality.
The consultation period for the discussion paper closed on 31 January 2013. The responses to the discussion paper are available here. In July 2013, the FRC published a feedback statement setting out a series of calls to action, several of which are now being considered by the IASB as part of its Disclosure Initiative project.
The discussion paper is the result of a joint project between EFRAG, the ANC and the FRC, as part of EFRAG’s proactive agenda.
On the 24 April 2013, EFRAG/ANC/FRC issued a Feedback Statement on the joint discussion paper.
The FRC and EFRAG held an outreach event on both the FRC and joint paper in London on 31 October 2012. Feedback on that event can be read or downloaded here (PDF).
European and International influencing
IASB Disclosure Initiative
The FRC is taking a keen interest in the IASB's projects relating to disclosures, most notably its Principles of Disclosure Project and its Practice Statement on Materiality. Our activities in this area include responding to the IASB's consultations. Further information on the FRC's work relating to the IASB project is located here.
The FRC works closely with the European Financial Reporting Advisory Group and on 4 July 2017, we held a joint outreach event on the IASB’s Principles for Disclosure Discussion Paper. The feedback statement (PDF) from the event is available here (PDF).
Responses and Feedback statement to FRC Discussion Paper Thinking about disclosures in a broader context.
EFRAG, FRC and Autorité des Normes Comptables (ANC) discussion paper, Towards a Disclosure Framework for the Notes (PDF).
Director of Narrative Reporting: Deepa Raval
Project Director: Rosalind Szentpéteri