Financial Statement Disclosures: Standard Setter, Regulator, and Investor Perspectives

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Source: CFA Institute
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60 min, audio webcast, recorded on 27 September 2012

Mohini Singh is a director of financial reporting policy at CFA Institute, where she has also served as the global accounting analyst leading the organization’s IFRS implementation effort. Previously, she served as a policy adviser at the Institute of International Finance, where she worked on international policy initiatives in the areas of financial reporting and auditing. Ms. Singh also worked as general manager and financial controller at Disha, a service organization dedicated to development programs for the underprivileged, and as an audit manager at KPMG, where she supervised audits and conducted due diligence reviews. She is a chartered accountant and holds a BA in philosophy, politics, and economics from Oxford University and an MA in international relations from the Johns Hopkins University.

This information is accurate as of the date of posting.
Vincent Papa, CFA, is a director of financial reporting policy at CFA Institute. Previously, he worked as an investment research analyst at Observatory Capital Management, where he focused on analysis of company fundamentals and capital structure and making investment recommendations concerning European and emerging market high-yield fixed-income securities. Dr. Papa also worked as a management consultant at Accenture and as a management consultant and auditor at KPMG. He holds a BSc in electrical engineering from the University of Nairobi, an MBA from the University of the Witwatersrand, a master’s degree in finance from the London Business School, and a doctoral degree from the Cranfield School of Management.

This information is accurate as of the date of posting.
Filippo Poli is a senior project manager at the European Financial Reporting Advisory Group. Previously, he worked in the audit department at PricewaterhouseCoopers. Mr. Poli also served as a member of various IFRS technical committees. He is an Italian chartered accountant and tax expert. Mr. Poli holds a degree in accounting and finance from Bocconi University.

This information is accurate as of the date of posting.
Ronald W. Lott is research director at the Financial Accounting Standards Board, where he is responsible for overseeing research activities, including coordination with other relevant research organizations. He also directs the Conceptual Framework Project and the Disclosure Framework Project at FASB. Previously, Mr. Lott served as a project manager at FASB, where he worked on a number of board projects, and as a partner in the national department of accounting and auditing at BDO Seidman, LLP. He also served as a senior audit manager at KPMG Peat Marwick and as a technical manager at the American Institute of Certified Public Accountants. Mr. Lott is a Certified Public Accountant and holds a BBA in accountancy from the University of Mississippi.

This information is accurate as of the date of posting.
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Summary

Why Should Investors Participate?

Over the past few years, concerns have been voiced regarding the effectiveness of financial reporting disclosures, with questions being raised as to whether investors are receiving the desired level of transparency through financial statement disclosures.

The reasons for this concern are varied. Some cite the ongoing financial crisis and the lack of transparency into the risks borne by financial institutions, as well as the numerous recent corporate scandals and failures, as evidence that current disclosures are not providing investors with the information they need. Investors need to be told a comprehensive story of the business. Others point to the growing volume of disclosures and believe that investors are being inundated with so much information that they are unable to find the most relevant pieces of information within ever-growing annual reports. Although the reasons may be different, all parties appear to agree on the need for a disclosure framework to enhance financial reporting disclosures.

Initial work in this area has been conducted by the Financial Accounting Standards Board (FASB) and in a joint effort by the European Financial Reporting Advisory Group (EFRAG), the U.K. Financial Reporting Council (FRC), and the Autorité des Normes Comptables (ANC), among others. The FASB and EFRAG, FRC, and ANC have recently issued discussion papers on the subject that are open for public comment.

In addition, CFA Institute carried out a survey of its membership to gain investor perspectives on how to improve financial disclosures and on the development of a disclosure framework. A report based on the survey results titled “Missing the Mark: Users Indicate Need for Comprehensive Story Trumps Reduction in Disclosure Volume” will be released shortly.

What Is Discussed?

This session includes:

  • an overview of key aspects of the proposals by the FASB and EFRAG on the development of the disclosure framework and how to improve financial disclosures,
  • investor views on how they perceive current financial disclosure information and what changes they believe are necessary to afford greater transparency to investors,
  • CFA Institute recommendations on the development of a disclosure framework and enhancing the effectiveness of financial disclosures, and
  • investor input on and reactions to key aspects of the FASB and EFRAG proposals.
Topics
Financial Statement Analysis
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  • Accounting and Auditing Standards Development
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  • Financial Reporting System
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  • Principal Financial Statements
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Standards, Ethics, and Regulations (SER)
Credits · About the CE Program
1 CE (including 1 SER) Manage CE Credits

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