Financial Reporting Supply Chain: Current Perspectives and Directions

The IFAC evaluates the major efforts to change and improve financial reporting in these four areas: corporate governance, the financial reporting process, the audit of financial reports and the usefulness of financial reports.
 
Also investigated are these questions: Has the financial reporting process become better or worse? Have the financial reports become more or less relevant, reliable and understandable? What should be done next?
 
Areas of concern include:
  • Personal risk and liability for directors and management
  • Cost-benefit concerns
  • Transition to International Financial Reporting Standards (IFRS)
  • Complying/reconciling accounts to different financial reporting standards
  • Increased audit cost relative to perceived benefits
  • Focus by companies on compliance instead of essence of the business
  • Regulatory disclosure overload
  • Lack of forward looking information
Read more on

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern