The Future of Corporate Reporting

The future of corporate reporting

As the global economy continues to reform its financial system, one crucial element of reconstruction is being ignored. The corporate reporting model in its current form does not meet the needs of investors – and it’s becoming increasingly difficult for the model to meet the requirements of preparers, auditors, regulators and standard-setters. Now is the time to begin a wide-ranging debate about what is wrong with the current model and how to change it.

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We interviewed ten reporting leaders to test the premise that fundamental reform is needed.

In KPMG’s The future of corporate reporting: towards a common vision we tested the premise that fundamental reforms were needed by interviewing these ten international leaders in the field:

  • Neri Bukspan, Executive Managing Director at Standard & Poor's
  • Stephen Haddrill, CEO of the UK’s Financial Reporting Council
  • Hans Hoogervorst, Chairman of the International Accounting Standards Board
  • Julie Hudson, Head of Global Sustainability at UBS
  • Brian Hunt, CEO of the Canadian Public Accountability Board
  • Christoph Hütten, Senior Vice President, and Mark Deinert, Executive Vice President, at SAP
  • Mervyn King, Chairman of the International Integrated Reporting Council
  • Sandra Peters, Head of Financial Reporting Policy at the CFA Institute
  • Russell Picot, Group Chief Accounting Officer at HSBC
  • Joachim Schindler, Former Global Head of Audit at KPMG International

All agreed on the need for change, but they did not concur on how far-reaching the reforms had to be or what should be altered.

Investors want forward-looking information from companies so they can assess the ability to create sustainable long-term value. Preparers need to connect the dots better in their public communications so that the balance of risk and opportunity is clearer. Regulators are demanding more accountability from corporate boards, and standard setters want to raise the bar for disclosure and analysis.

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For some time, investors have demanded more than a binary pass/fail opinion from the auditor’s report.

 
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