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The FRC has yesterday published 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,

 
This paper contributes to the FRC’s work on influencing the development of International Financial Reporting Standards.
 
Notes to editors:

1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
 
2. All Press enquiries should be directed to: Oliver Parry, Head of Communications, on telephone: 020 7492 2397 or email: o.parry@frc.org.uk.
 
Related Resources
Thinking about disclosures in a broader context: A road map for a disclosure framework
 
Contact the Press Office
Press team
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