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KASB research paper on the usefulness of note disclosures

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Dec 04, 2018

On December 4, 2018, the Korea Accounting Standards Board (KASB) made available a research report that looks into the usefulness of financial information that is provided in the form of financial statements.

The KASB argues that financial statements currently consist of an overly simplified body and an extensive volume of notes that disclose a list of disorderly information necessary in decision-making. As the KASB believes that this inevitably leads to the on-going criticism that users of the financial statements cannot effectively utilize the information which are useful in making decisions, the KASB sought to find ways to better understand the current status of note disclosure preparation in entities and analyze usefulness of disclosed information in the notes through in-depth interviews with financial statement users. The research report The Usefulness of Note Disclosures: Examination and Suggestions for Improvement was issued in the hope of sharing the outcome of the research conducted with a wider range of stakeholders in Korea and overseas.

Review the research report on the KASB's website.

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