Accounting Industry Leaders Want Changes to Corporate Reporting
By Frank Byrt
Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB): "In the case of accounting standards for leasing, it is very important to give investors a better view of the off-balance-sheet liabilities of companies, but there is 'huge resistance' to this."
- Make corporate reports more forward-looking.
- Achieve a balance between too much information and too little.
- Provide more useful real-time information and deal with "big data."
- Determine the proper role of narrative reporting in the "front end."
- Determine whether the notion of "integrated reporting" could be the "next big thing."
- Determine if there is a need for more detailed reporting from the auditor and/or for the auditor to give assurance over a wider range of risks.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.