RCICAS emphasized that the MCRV proposals were presented for purposes of discussion and acknowledged the need to resolve the problem of when it may not be in a reporting entity's best interests to disclose sensitive information.
RCICAS recognized the MCRV report as only a first step and determined that other projects were necessary.
One project was a feasibility study known as Melody plc, in which a large public company's main subsidiary produced an annual financial report containing the statements and supporting disclosures prescribed in MCRV. These are some of the project's findings.
The Melody plc study was broadened to apply the MCRV prescriptions to consolidated financial statements.
To further evaluate the MCRV proposals, RCICAS commissioned other studies, including
* Application of MCRV prescriptions to the government-owned post office to demonstrate their feasibility in the public sector.
* A project to investigate the extent to which corporate reporting currently included the MCRV disclosure recommendations.