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Response of the EAA FRSC to the EFRAG/ANC/FRC Discussion Paper: Towards a Disclosure Framework for the Notes

Author

Listed:
  • Richard Barker
  • Elisabetta Barone
  • Jacqueline Birt
  • Ann Gaeremynck
  • Anne Mcgeachin
  • Jan Marton
  • Rucsandra Moldovan

Abstract

We summarise the response of the EAA's FRSC to Towards a Disclosure Framework for the Notes, a Discussion Paper (DP) issued jointly by EFRAG, ANC and FRC. While supportive of much of the DP, and in particular of the underlying aim to place disclosures on a sounder conceptual foundation, we identify two broad themes for further development. The first concerns the DP's diagnosis of the problem, which is that the existing financial reporting is characterised by, on the one hand, disclosure overload and, on the other hand, an absence of a conceptual framework for organising and communicating disclosures. Our review of the literature suggests much greater support for the second of these two factors than for the first. The second broad theme is the purpose of the proposed DF, and the principles that are derived from this purpose. Here, we stress the need for the framework to better accommodate the context within which financial statement disclosures are used. In practice, this context is characterised by variation in information, incentives and enforcement, each of which has a considerable effect on the appropriate disclosure policy and practice in any given situation.

Suggested Citation

  • Richard Barker & Elisabetta Barone & Jacqueline Birt & Ann Gaeremynck & Anne Mcgeachin & Jan Marton & Rucsandra Moldovan, 2013. "Response of the EAA FRSC to the EFRAG/ANC/FRC Discussion Paper: Towards a Disclosure Framework for the Notes," Accounting in Europe, Taylor & Francis Journals, vol. 10(1), pages 1-26, June.
    • Handle: RePEc:taf:acceur:v:10:y:2013:i:1:p:1-26
    DOI: 10.1080/17449480.2013.772715
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    Cited by:

    1. Rep Ana, 2021. "Notes to the Financial Statements: Current State and Improvement," Business Systems Research, Sciendo, vol. 12(2), pages 60-78, December.
    2. Elkins, Hamilton & Entwistle, Gary, 2018. "A commentary on accounting standards and the disclosure problem: Exploring a way forward," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 33(C), pages 79-89.

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