Transparency challenges market participants to present information in ways that accurately reflect risks. Much disclosure currently falls short of these more demanding goals. Despite the substantial room for progress with regard to transparency, we should not underestimate the barriers to achieving it. Managers no doubt have to struggle with selecting and organizing data in a meaningful way.
The difficulties are well illustrated by the annual reports of large institutions that routinely exceed one hundred pages; pressures are enormous to update existing tables and charts as well as to provide even more.