The GAA looks at two key issues affecting financial reporting: the structure and culture of accounting standards, often termed the ‘principles versus rules’ debate, and the growing complexity and detail contained in company financial statements.
Explored are the possibilities for harsher regulatory regimes, and more disclosure in financial statements and annual reports, which might have exposed the banks’ unsustainable business models at an earlier stage. But will this bring better quality communication or just more disclosure?
This document reports on a series of three roundtable discussion events which the GAA held in London, Beijing and New York in 2009.
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