Title: Response of the EAA FRSC to the EFRAG/ANC/FRC Discussion Paper: Towards a Disclosure Framework for the Notes
Authors: Barker, Richard ×
Barone, Elisabetta
Birt, Jacqueline
Gaeremynck, Ann
McGeachin, Anne
Marton, Jan
Moldovan, Rucsandra #
Issue Date: 2013
Series Title: Accounting in Europe vol:10 issue:1 pages:1-26
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.
ISSN: 1744-9480
VABB publication type: VABB-1
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Research Center Accountancy, Leuven
× corresponding author
# (joint) last author

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