As we settle back into the reality of January and start to break those well intentioned New Year resolutions, what was planned to be significant change often resorts back to how life used to be. Oh well there’s always next year! Corporate reporting however, unlike many of our resolutions, is experiencing a period of significant change. The demand for change is being driven by various parties fed up with the loss of key messages in lengthy reports that are hard to navigate and that contain immaterial or repetitive disclosures.
The FRC report “Cutting Clutter” hits the nail on the head - “....cutting clutter cannot be achieved just by taking a red pen to a late printer’s proof. Making a significant and permanent change has to be addressed at the planning stage for the next annual report through a clear idea of the desired outcome and how change will be achieved”.
So at a time when companies are increasingly revisiting their annual reports to see how they can make improvements, I thought it was timely to draw your attention to a recent PwC practical guide looking into streamlining the annual report. I hope you find the report helpful.
I also wanted to draw your attention to an opinion piece I recently co-authored for PwC’s World Watch magazine entitled “From compliance to competitive edge”. The article explores how taking a compliance-driven approach to corporate reporting is becoming the risky option. It is time to take positive action so that reporting gives us a competitive edge.
Do please keep in touch - I really value your responses to this blog.
BFN
Charles
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