The Challenge of Risk Reporting: Regulatory and Corporate Responses

Shirley Carlon · Janice A. Loftus · Malcolm C. Miller

40 citations0/0 files storedAustralian Accounting Review

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Risk Management in Financial Firms

Abstract

Corporate collapses such as those of Ansett Australia, Centaur Mining, Enron, HIH and One. Tel have rekindled regulators' concerns about the lack of transparency in financial reporting on risks and uncertainties. This paper examines the broad conceptual issues and regulatory responses so far in leading jurisdictions and investigates risk reporting of Australian entities operating in the mining sector. The limited and uneven level of reporting on risk found, in this study, if replicated in other industries and jurisdictions, provides justification for standard‐setters considering more explicit requirements than the existing piecemeal rules of restricted scope.

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References

2010International Accounting Standards Board 2006Australian Accounting Standards 1997Quantitative Disclosures of Market Risk in the SEC Release.2009Securities Exchange Commission 2002No surprises: the case for better risk reporting 2000Practice versus Prescription in the Disclosure and Recognition of Derivatives 1990Approaches to dealing with risk and uncertainty

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