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DISCLOSURE - DEBRIEFING

DISCLOSURE - DEBRIEFING. BACKGROUND LEARNING OUTCOMES QUESTIONS CONCLUSION. BACKGROUND. CAPITAL MARKET MASTERPLAN. LEARNING OUTCOMES. CAN EXPLAIN WHAT IS DISCLOSURE CAN DISCUSS HOW DISCLOSURE RELATES TO CONVERGENCE AND QUALITY OF FINANCIAL REPORTING

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DISCLOSURE - DEBRIEFING

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  1. DISCLOSURE - DEBRIEFING • BACKGROUND • LEARNING OUTCOMES • QUESTIONS • CONCLUSION

  2. BACKGROUND • CAPITAL MARKET MASTERPLAN

  3. LEARNING OUTCOMES • CAN EXPLAIN WHAT IS DISCLOSURE • CAN DISCUSS HOW DISCLOSURE RELATES TO CONVERGENCE AND QUALITY OF FINANCIAL REPORTING • CAN IDENTIFY AND ANALYSE WAYS OF MEASURING DISCLOSURE • CAN SYNTHESISE EMPIRICAL EVIDENCE ON FACTORS AFFECTING DISCLOSURE

  4. WHAT IS DISCLOSURE • TO TELL THE SUBSTANCE OF TRANSACTIONS • NOT MISLEADING • CPM AND DBR • STANDARDS : RECOGNITION, MEASUREMENT AND DISCLOSURE

  5. DISCLOSURE • MUST DISCLOSE – MANDATORY • NOT REQUIRED: VOLUNTARY • MANDATORY BY LAW: NOT COMPLYING IS AN OFFENCE • SELF-REGULATION: MANDATORY ON MEMBERS ONLY • EXTENSIVE • MATERIALITY

  6. MEASUREMENT • NUMBER OF WORDS • SCORE • INDEX OF DISCLOSURE (DASKE AND GEBHARDT 2006, HANIFFA AND COOKE 2002, OWUSU-ANSAH AND YEOH 2005, TAN ET AL 1990, HASHANAH 1998, GUL AND LEONG,2004) • Content analysis

  7. WHAT HAS LITERATURE SHOWN? • DISCLOSING TOO LITTLE OR TOO MUCH? USERS VERSUS PREPARERS • MANDATORY NOT 100% ACHIEVED • VOLUNTARY- IS IT USEFUL • IFRS – MORE TECHNICAL CONTENT • GOOD GOVERNANCE • CULTURE

  8. GOOD PRACTICE • TIMELY DISCLOSURE • BENCHMARK • DRIVEN BY MATERIALITY CONSIDERATION

  9. CONCLUSION • TRANSPARENCY PART OF GOOD FINANCIAL REPORTING • EVIDENCE OF GREAT ACCOUNTABILITY • GOOD GOVERNANCE FACTORS ASS0CIATED WITH GREATER TRANSPARENCY • INCREASING CALLS FOR CSR REPORTING

  10. QUALITY FRS QUALITY REPORT GREATER DISCLOSURES

  11. FACTORS • CORPORATE GOVERNANCE • CULTURE • REGULATION • ECONOMIC CONSEQUENCES OF DISCLOSURE • Ex-ante and ex-poste factors (penyebab dan akibat)

  12. Who benefits • Reduce information asymmetry especially to minority shareholders (VERSUS CONTROLLING SHAREHOLDERS) • Greater transparency, higher share price (increase shareholder value) PATEL ET AL 2002 MITIGATES RESOURCE MISALLOCATION ON THE CAPITAL MARKET REGULATORS TO MONITOR COMPLIANCE

  13. CONCLUSION • PROVIDED: (dengan syarat/subject to) • GOOD GOVERNANCE • ACCEPTANCE OF RESPONSIBILITY • ACCOUNTABLE TO INVESTORS • A= L + OE (MODEL OF Accountability) • WHERE DO RESOURCES COME FROM? ACCOUNT TO THE PROVIDERS!

  14. CONCLUSION • NOT ALL THAT COUNTS are COUNTED • (Tak semua yang berguna boleh diukur atau dilapor)

  15. CONCLUSION • NOT ALL COUNTED, COUNTS • (BUKAN SEMUA YANG DILAPOR BERGUNA)

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