Dialogue with standard setters. EFRAG in Academic Research: a Survey

By | 2017-12-29T17:43:44+00:00 December 27th, 2017|

Fiume Raffaele/ Financial ReportingRiviste / Fascicolo: 1-2013


The European Financial Reporting Advisory Group (EFRAG) was established in 2001 to provide input to the development of accounting standards and to provide the European Commission with technical expertise on Accounting matters. Its main task is to advice to the European Commission before it endorses standards. The key role in the European institutional environment has given to EFRAG a significant capability of influencing the standard setting process conducted by IASB. In a more substantial perspective, the main role of EFRAG is to participate to the development of IFRSs so that they can be endorsed for use in the European Union. A review of EFRAG’s present structure and of the documents it has issued shows that its activity has gone far beyond advising the European Commission and the Accounting Regulation Committee during the endorsement process; EFRAG has also been pursuing a proactive role in its involvement with IASB and IFRIC and in the improvement of accounting directives. In doing this, it has been obtaining a growing interest among institutions, preparers and users, as confirmed by the funding of, and participation in, working groups by these stakeholders. EFRAG’s activities can be intuitively considered relevant for Accounting studies.  Il could be interesting to analyze the “real” influence of EFRAG’s output on accounting rules and practice and the perception of this influence by its stakeholders, starting from European Commission. Moreover, evidences about the interest of Scholars in EFRAG’s activities and about the relevance given to academic research in EFRAG’s action could contribute to a better understanding of the attention EFRAG and Accounting scholars pay each other. […]

Keywords: Intangibles, risks related to intangibles, risk reporting, disclosure, banking sector, content analysis


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An exploratory study of intangibles risk disclosure in annual reports of banking companies from the UK, US, Germany and Italy – Some descriptive insights

By | 2017-12-29T17:44:43+00:00 December 27th, 2017|

Durst Susanne/ Financial ReportingRiviste / Fascicolo: 1-2013


Intangibles are viewed as the key drivers in most industries, and current research shows that firms voluntarily disclose information about their investments in intangibles and their potential benefits. Yet little is known of the risks relating to such resources and the disclosures firms make about such risks. In order to obtain a more balanced and complete picture of firms’ activities, information about the risky side of their intangibles is also needed. This exploratory study provides some descriptive insights into intangibles-related risk disclosure in a sample of 16 large banks from the United States (US), United Kingdom (UK), Germany and Italy. Annual report data is analyzed using the three Intellectual Capital dimensions. Study findings illustrate the variety of intangibles-related risk disclosure as demonstrated by the banks involved.

Keywords: Intangibles, risks related to intangibles, risk reporting, disclosure, banking sector, content analysis


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Risk Disclosures in the Annual Reports of Italian Listed Companies

By | 2017-12-27T14:32:37+00:00 December 27th, 2017|

Neri Lorenzo, Russo Antonella/ Financial ReportingRiviste / Fascicolo: 3-2013


The study examines the relevance of risk reporting in the field of firm voluntary disclosure with an empirical work on Italian listed firms. The motivation of this study is the implementation of the Directive 51/2003/CE in Italy (D.Lgs. 32/2007), a sample of companies listed on the Italian Stock Exchange is selected to investigate the relationship between risk disclosure and company characteristics. This paper explores whether there are significant increases in risk reporting over a period of five years and investigates if risk disclosure is influenced only by new law requirement or also by other possible drivers. A content analysis is performed to obtain a measure of risk narrative disclosure. Then several hypothesis tests are carried out to verify whether there are any corporate differences between companies with different levels of risk disclosure, using univariate and multivariate analysis. Our results on the first question document significant increases in Italian companies’ levels of risk disclosures. We find also that the disclosure is not only determined by the new law requirements but also by other drivers such as company size.

Keywords: Risk, corporate disclosure, risk reporting, content analysis


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