On 29 October 2012 the Financial Stability Board (FSB), of which the International Accounting Standards Board (IASB) is a plenary member, announced the publication of the Report of the Enhanced Disclosure Task Force (EDTF). The EDTF was formed at the initiative of the FSB in May 2012 to investigate ways in which to improve the quality of risk disclosures for banks. The Report includes a number of recommendations aimed at enhancing the clarity, comparability and timeliness of information that banks provide to their investors.
Hans Hoogervorst, Chairman of the IASB, commented
“We commend the inclusive nature of the EDTF’s approach, which brought together a wide range of constituents throughout the consultation process including preparers, investors, ratings agencies and auditors. I would like to thank the EDTF for considering the views of the IASB during its consultation.
This Report complements our own efforts to enhance transparency and the usefulness and comparability of financial statements. Furthermore, the IASB has recently started a revision of its Conceptual Framework and will consider the EDTF recommendations as it develops new financial reporting disclosure principles.”
The EDTF report, Enhancing the Risk Disclosures of Banks, can be found here.
Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6410
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472