In light of the changing demands on corporate reporting, business leaders need to address an important question: what direction does reporting need to take? KPMG has published a new report which brings together a range of Western business leaders discussing the direction that reporting needs to take.
The report – The future of corporate reporting: towards a common vision – contains the views of influential figures from key different vantage points in the financial chain – preparers, users, standard-setters, regulators and auditors – on the changes required to the traditional corporate reporting model, which no longer meets the needs of investors and other stakeholders.
The report interviewees include senior executives from companies such as Standard & Poor's, HSBC and SAP, as well as leading figures from the International Integrated Reporting Council (IIRC), International Accounting Standards Board (IASB), Financial Reporting Council (FRC) and other organisations.
Common themes in the interviews include:
According to Igor Korotetskiy, Head of Corporate Governance and Sustainability at KPMG in Russia: "The development history of Russian corporate reporting shows that international requirements are adopted sooner or later, and that it is important to be prepared for future change. This applies particularly to Russian companies that are oriented towards foreign markets. Without doubt, the Russian corporate reporting model also needs to change. For this reason, the observations and opinions of international experts may be useful in terms of establishing a development framework for a Russian corporate reporting model."
The full report, in Russian and English, is available at kpmg.ru. For more information on issues relating to the development of corporate reporting, see KPMG's Better Business Reporting portal.