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“Urgent Change” Needed to Fix Reporting

Global Glimpses | June 4, 2009

Corporate reporting is too complex and needs “urgent change,” according to a discussion paper from U.K. regulator the Financial Reporting Council (FRC).

The International Accounting Standards Board should overhaul its standards so each one has an easy-to-follow structure with a clear statement of what it is supposed to achieve, the FRC said.

It also called on regulators around the world to “cut the clutter” in financial reports by easing back on the volume of disclosure they require. And it said companies themselves could make their disclosures more understandable by remembering that “immaterial disclosures undermine the quality of reports.”

The FRC said it will review a selection of 2008 annual reports from U.K.-listed companies over the summer and publish a paper showing how regulation had...

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