In an effort to improve the quality and usefulness of disclosures in financial statements, the International Accounting Standards Board reached out to preparers, auditors, regulators and financial-statement users to identify the main areas needing improvement. HSBC group Chief Accounting Officer Russell Picot pinpointed poorly organized reports and the use of boilerplate as among the culprits contributing to irrelevant disclosures, and IASB Chairman Hans Hoogervorst warned preparers of disclosures against focusing on compliance at the expense of communication.

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