The FRC has published a discussion paper to improve the quality of financial reporting disclosures.
The paper Thinking about financial reporting disclosures in a broader context, sets out a road map for a disclosure framework for financial reporting to both improve the quality of disclosure and its relevance to 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.
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, FRC director, said: 'We believe that there is a need to curtail the piecemeal approach to disclosures and develop a coherent framework for disclosures in the financial report. We anticipate that this will lead to disclosures in financial reports being more relevant to the needs of the users of those financial reports whilst at the same time cutting clutter.'
The consultation period closes on 31 January 2013. A copy of the discussion paper is available from the FRC.