Corporate reporting is no longer working – What needs to be done to make it fit for purpose in the future?

07 July 2010

As I referred to in my blog posting last week PricewaterhouseCoopers, The Chartered Institute of Management Accountants and Tomorrow's Company have come together to conduct a global inquiry into what changes are needed to make corporate reporting "fit for purpose".  The Call for Evidence was launched yesterday and I have pleasure in attaching the official request below.

Corporate reporting is no longer working – What needs to be done to make it fit for purpose in the future?

Corporate reporting plays an essential role in the effective functioning of the market economy – it provides the building blocks of information necessary for effective decision-making by investors and other key stakeholders. 

PricewaterhouseCoopers has a long-standing interest in the effectiveness of corporate reporting and has played a key role in its development over the past decade through its extensive programme of research, thought leadership and stakeholder engagement.  In particular the ValueReporting work highlighted the need for a more holistic reporting model and the many initiatives under the "Building Public Trust" banner have promoted best practice and the benefits of increased transparency.

However, there is still room for improvement and the credit crunch has been another reminder that financial reporting can only tell the world so much about a businesses performance and likely long term sustainability. But while there have been many useful initiatives taken to improve the corporate reporting system over the recent past – little has really changed.

PricewaterhouseCoopers in partnership with the Chartered Institute of Management Accountants and Tomorrow's Company is pleased to announce the commencement of a programme looking at what changes are needed to make corporate reporting fit for purpose for the future. This programme is being kicked off with a "Call for Evidence” which was reported on in The Financial Times.  In the article Rachel Sanderson states:

"By asking what are the weaknesses and strengths of the system, the barriers obstructing the evolution of corporate reporting, and possible solutions, the group wants to identify the limitations of the existing corporate reporting model and focus on the barriers to changing it."

We are calling for evidence from all those who have an interest in making corporate reporting work better and are inviting you to give us your views to help shape our thinking.

The Call for Evidence is attached and we look forward to hearing from you.

For further information and communication regarding our programme, please visit the Force for Good website. 

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