The Financial Reporting Council (FRC) frequently questions the disclosures of judgments and estimates; in fact, it has been the number one priority on the FRC list for the past three years. It repeatedly says that there are simply too many examples of generic disclosures that do not identify the specific judgments made.

At the same time, it complains that irrelevant judgments that do not appear to have a material effect on the financial statements are too often disclosed when they should not be; and these should be left out in order to remove unnecessary clutter from International Financial Reporting Standards (IFRS) accounts.