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The Challenge of Risk Reporting: Regulatory and Corporate Responses
Author(s) -
Carlon Shirley,
Loftus Janice A.,
Miller Malcolm C.
Publication year - 2003
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2001.tb00170.x
Subject(s) - scope (computer science) , accounting , transparency (behavior) , business , actuarial science , political science , law , computer science , programming language
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.