BC327 Some of the main criticisms from regulators and users of financial statements about prior revenue Standards in IFRS and US GAAP related to the disclosure requirements. Broadly, regulators and users of financial statements found the disclosure requirements to be inadequate and lacking cohesion with the disclosure of other items in the financial statements. This lack of cohesion made it difficult to understand an entity's revenues, as well as the judgements and estimates made by the entity in recognising those revenues. For example, many users of financial statements observed that entities presented revenue in isolation, with the result that users of financial statements could not relate revenue to the entity's financial position. Consequently, one of the boards' goals in undertaking the Revenue Recognition project was to provide users of financial statements with more useful information through improved disclosure requirements. Many respondents broadly supported that goal. However, respondents' views about the proposed disclosure requirements in the 2011 Exposure Draft were polarised - users of financial statements supported the proposed disclosure requirements because those requirements would have been a significant improvement over previous requirements. In contrast, other respondents (primarily preparers) noted that, when viewed as a whole, the proposed disclosure requirements would have resulted in voluminous disclosures and they questioned whether the proposed disclosures were justifiable on a cost-benefit basis.