Improving disclosure practices

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. There are a number of other standard setters and regulators that have undertaken projects on disclosure overload. In 2013 the European Financial Reporting Advisory Group (EFRAG) issued Towards a disclosure framework for the notes. Which of the following was a key outcome of the document?

  2. The IASB hosted a public discussion forum on financial reporting in 2013 with the objective of clarifying the problem with disclosure and its causes. Why did the forum feel that there is an accounting risk attached to disclosure?

  3. As a result of the feedback and research undertaken, the IASB has suggested certain areas for inclusion in its project. Which of the following is not one of those areas?

  4. Some respondents to the IASB research project stated that investors would like to understand the return that management has generated from its operations and resources, and the interaction between the business model and performance of an entity. Why was it felt that this project on Primary Financial Statements should be prioritised?

  5. In July 2016, the IASB set out in a staff paper that proposed an approach to researching their project on Primary Financial Statements. The feedback received on their request for views indicated that the research should initially focus on the reporting of financial performance. Which of the following was not a view share by the respondents to the IASB project?