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.