The G-20 has now called on them to redouble their efforts. One of the most important initiatives to improve clarity is the work of a private sector group, the Enhanced Disclosure Task Force (EDTF), which was formed at the encouragement of the Financial Stability Board (FSB).3 It has made a series of recommendations to improve annual financial reporting by banks based on seven principles.
Disclosures should be clear,  3  “Enhancing the Risk Disclosures of Banks,” Report of the Enhanced Disclosure Task Force (29 October 2012). BIS central bankers’ speeches  3  comprehensive, relevant, consistent, comparable, and timely. Finally, annual reports should explain how risk is actually managed.