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UK FRC publishes feedback statement regarding its paper on disclosure

  • FRC Image

26 Jun 2013

In October 2012, the United Kingdom Financial Reporting Council (FRC) published a discussion paper on enhancing disclosure in financial reporting. The paper stated that one of its aims is to influence the IASB before it commences its disclosure framework project, and it identified a number of action points for the IASB.

The feedback on the discussion paper Thinking about disclosures in a broader context summarised in the feedback statement published today showed broad support for FRC‘s suggestions that:

  • Improving disclosure should be a shared responsibility between preparers, regulators, auditors and users.
  • The main end-users of reports are investors and disclosures should be framed with that in mind, having regard to communication, relevance and materiality.
  • There should be a move away from piecemeal approach to disclosures by standard setters and regulators and that a framework would provide a benchmark for measuring suggested disclosures.

When the FRC published its discussion paper in October 2012, the IASB did not have an official project on disclosures on its agenda. In December 2012, the IASB formally added a short-term initiative on disclosure to its work programme in December 2012 as part of its response to the Agenda Consultation 2011.  The objective of the initiative was to explore opportunities to see how those applying IFRS can improve and simplify disclosures within existing disclosure requirements.

In implementing this initiative, the IASB undertook a constituent survey on disclosure and held a disclosure forum designed to bring together securities regulators, auditors, investors and preparers. The IASB subsequently issued Feedback Statement Discussion Forum – Financial Reporting Disclosure on 28 May 2013, which outlined the IASB's intention to consider a number of further initiatives.

The FRC welcomes that the IASB has initiated its own project on disclosures and believes that the ideas from the discussion paper, together with the feedback received on them, will be helpful in setting the agenda for the IASB’s project.

Please click for access to the FRC feedback statement on the FRC website.

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