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Finance & Accounting
Pages 5 (1255 words)
Disclosure Framework Your name Course name Course name Course Instructor Date of Submission Accounting regulations are very significant in growth of all organizations. Every organization is supposed to have proper accounting regulations that will be used to address different problems…
This is because a formal disclosure framework helps to guide regulators, and preparers towards better and more material disclosure. However, while material disclosure is supposed to be free and within a given time frame, there are numerous cases where preparers have failed to disclose significant materials to users or vice-versa. This fact has been associated with the idea that many organizations lack proper disclosure framework (White, 2009, p.67). It was this lack of proper disclosure framework that led IASB to carryout survey recently about disclosure framework, and found that regulators, preparers and users are supposed to work together so as to improve disclosure. All disclosures need improvement. Disclosure is supposed to be guided by materiality, and that principle based disclosure guidance would be essential. This study will be therefore examining why regulators, preparers and users are supposed to work together so as to improve disclosure. All disclosures need improvement. Disclosure is supposed to be guided by materiality, and that principle based disclosure guidance would be essential According to United States Congress Staff (2002, p.788), one of the most significant findings of IASB is that disclosure should be guided by materiality. ...
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