Newsletter Sept 2008: Survey finds disclosure shortcomings

Banks did not achieve in their 2007 annual reports the transparency that users of financial statements are demanding, according to a top auditing firm. Despite banks expanding their disclosures in areas most affected by the credit crunch and complying generally with accounting standards, disclosures gave a less cohesive picture of banks’ position on risk, for example, than the market is demanding, a survey by PricewaterhouseCoopers (PwC) found*.