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Comments summarised on disclosure framework discussion paper

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

24 Apr 2013

The European Financial Reporting Advisory Group (EFRAG), the French Autorité des Normes Comptables (ANC), and the UK Financial Reporting Council (FRC) have published a summary of comments received on their discussion paper (DP) 'Towards a Disclosure Framework for the Notes'.

Issued in July 2012, the DP proposed ways to improve the quality of information in the notes to the financial statements and to reduce immaterial disclosures. After the consultation period, which ended 31 December 2012, the EFRAG, ANC, and FRC reviewed and summarised comments received from respondents, various outreach meeting, and webcasts. The summary notes the following:

  • Support for the proposal that a more consistent and rational approach to disclosures should be developed and that it should be developed cooperatively with standard setters, regulators, and auditors.
  • Additional discussions may be needed about whether disclosure problems are conceptual or related to application.
  • General support for the DP's key principles.
  • An absence of clear consensus on users’ needs and indicators to help standard setters assess what disclosure requirements are appropriate; however, there was support for simplifying the requirements.
  • Many believed that guidance on the application of materiality could be helpful and that changes to behaviours are necessary.
  • Agreement that focusing on communication principles rather than compliance would improve disclosure.

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