Disclosures present a 'less cohesive' picture of the banks' position on areas such as risk
Banks have failed to achieve the high level of disclosures required by accounting standards which intended to show greater transparency in how management dealt with risk.
The criticism of the troubled sector comes from a report from PricewaterhouseCoopers which analysed the 2007 annual reports of 22 global banks.
According to PwC's study, disclosures did not achieve the level of transparency that IFRS 7 requires, in accordance with the needs of the users of financial statements have demanded.
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