12 July 2012

EFRAG（欧州財務報告アドバイザリーグループ）、ANC（フランス会計基準委員会）、FRC（英国財務報告評議会）：ディスカッションペーパー「注記に関する情報開示の枠組み」　

Many commentators have indicated that the notes to the financial statements have grown considerably over the years as the IASB keeps adding to existing disclosure requirements in IFRS to support more transparency.  As a result, the notes have become so extensive that investors and creditors can no longer ‘see the wood for the trees’.  A major concern around the world is that the notes to the financial statements have become a real burden and it is not clear that they serve their intended purpose which is to help users understand the numbers in the financial statements.

Rather than just re-state the problem, the Discussion Paper sets out some key principles that EFRAG, the ANC and the FRC consider essential to the design of an effective Disclosure Framework.  Such principles are necessary to change how disclosure requirements are set to free preparers, auditors and regulators from the detailed compliance exercise that they currently experience.

There may be different perceptions of what needs to be fixed in the current disclosure regime, and how to do it, therefore it is important to indicate clearly the objectives of this Discussion Paper:

a. identify what disclosures are relevant for the notes to the financial statements;

b. discuss what materiality means from a disclosure perspective; and

c. develop a set of principles for good communication of disclosures.

This Discussion Paper intends to assist:

a. users, to obtain information that is relevant and faithfully represents the entity’s financial performance and position;

b. standard-setters, to identify what information should be required in the notes, and how to set requirements in the standards; and

c. preparers of financial statements and others, to make disclosure decisions based on the requirements, thereby improving the quality of their disclosures.

The proposals in the Discussion Paper set out a decision framework for both the standard-setter in setting the requirements and for preparers, auditors and regulators in applying those requirements, placing emphasis on the need to improve the communication to investors, creditors and others who rely on the financial statements to make decisions. The work ahead is challenging for all involved, and the Discussion Paper aims at contributing to the work of the IASB in the development of a much awaited Disclosure Framework. Efforts to be undertaken are not limited to IFRS, as shows the cooperation EFRAG, ANC and FRC have had with the FASB who have been undertaking a similar project. It is hoped that the Discussion Paper leads to a constructive debate within Europe and elsewhere, and all that have an interest in more effective and streamlined disclosures in financial reporting are strongly encouraged to respond to the invitation for comments.

Press release

© EFRAG - European Financial Reporting Advisory Group