I am looking for feedback on my research paper

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I am looking for feedback on my research paper. Part 1 of my paper

I was to provide a summary of 2 selected IFRS projects ( which is below). The second part I was asked to develop these issues in a final research paper. If you could please review and provide feedback on the "part 2 " portion below to ensure what I have written is suffice I would greatly appreciate it. Thank you in advance for your time and consideration.


Part 1 Summary submitted :
Disclosure Initiative—Subsidiaries that are SMEs (IFRS)
The Disclosure Initiative-Subsidiaries that are SMEs is a Standard -Setting Project that was initially brought to the board's attention in 2015, expressing how the subsidiaries reporting to their parent company thought it more suitable to follow the recognition and measurement requirements with the IFRS Standards than to apply the IFRS for SMEs Standard. The caveat of the request being they wanted a reduction in the arduous disclosures in hopes of reducing cost. Despite the disclosure reduction, all needed information would still be reported. Since then, this project has gradually progressed through the various stages of the research program (March 2019), was brought before the board for review, and moved to a standard-setting program (Sept 2019 - Jan 2020, analyzed by staff to determine which set of standards should change (IFRS Standards or IFRS for SMEs Standards). Finally, an exposure draft was agreed upon as the next stage in the process. (ifrs.org,2021)
Management Commentary
Management Commentary is a Standard-Setting project to revise the IFRS Practice Statement 1 Management Commentary section (i.e., MD&A, Strategic Report, Management Report, etc.) that resides within a company's financial reporting to provide beneficial information that would instruct outside viewers on the Entity's financial position. Currently, the Management Commentary focuses on explanations regarding an Entity's long-term prospects, cash flow, and performance. The revised statement intends to enlighten viewers on short-term focuses, overcome gaps in the current reporting, disclose pertinent entity information, consolidate innovation reporting, and ensure adequate details are disclosed by an auditor's review. This project was in the research stage from Dec 2010 - Nov 2017 and expects its Exposure Draft this April 2021.  (ifrs.org, 2020)


Part 2 Research Paper (Portion I need feedback on):


Disclosure Initiative—Subsidiaries that are SMEs (IFRS)
For the non-public subsidiaries group that the IFRS categorizes as a Small and Medium-sized entity (SME), it appears the IFRS for SMEs standards aren't very conducive to their needs. SMEs are currently required to follow both the IFRS for SMEs standards (for their reporting) as well as meet the requirements of the full IFRS Standard when providing Financial statements to their parent company. The additional reporting is causing unnecessary cost and time as a result. Standard-setters in other countries seemed to have found a balance for these specialized groups that meet the expected reporting values of IFRS and reduce the arduous disclosures required. In May 2016, the board decided to consider the feasibility of altering the disclosure requirements within the IFRS for SMEs so that they were compatible with the Full IFRS standards and agreed to collaborate with national standard setters. Initial concerns of pursuing this venture were creating a third dialect of standards, loss of needed information within the financial reporting, and extra work for stakeholders and the board. (IFRS.org, 2016) Research was initiated in March 2019, which focused on adopting the tailored standards and the ability to repurpose the disclosure rules within the IFRS for SMEs Standard. Feedback from the adoption research portion received appositive responses from countries who have already implemented (or in the process of) such disclosure framework (i.e., UK, Malaysia, New Zealand, Australia). They also confirmed there were cost savings and a reduction in work for stakeholders and Board staff with such implementation. (IFRS.ORG, 2019)
Further research showed the ability to utilize the current disclosure requirements of the IFRS for SMEs Standards with a few adjustments. The board moved forward with the project and decided not to "limit the scope to single-entity financial statements" (IFRS.ORG, 2021). Because these standards are already established, it seems the majority of the work has already been accomplished. The challenge here would be the Boards approach in making the adjustments so that the disclosure requirements will be applicable to all.
 
Management Commentary
The current Management Commentary section of the financial statements seems to provide inadequate details to the related financial statements. The narrative that describes the company's long-term prospects, cash flow, and performance is only applicable to the present items within the financial statement and is non-mandatory. Other gaps found while a comparison between the (IR) Framework and the Board's Management Commentary Practice Statement (MCPS) conducted were the focus of context reported, the value created by a company over time, financial capital (e.g., Human, Natural, Manufactured, & Relational Capital) and risk & opportunities (to name a few). Respondents (i.e., twenty-four countries) of a survey sent addressing several areas (e.g., business models, reporting environments, principles, etc.) conveyed terminology challenges and the need to incorporate additional non-financial information and a more standardized framework. (IFRS.ORG, 2017) I believe to help bridge these gaps that result in generic disclosures, detailed guidance should be outlined, allowing for consistency and comparability among jurisdictions. The suggested elements to include are the nature of the business, current financial position, critical performance measurements, and objective strategies. (iasplus.com n.d.)