This paper is a follow-up to the 2015 Accountancy Europe Cogito paper, The Future of Corporate Reporting – creating the dynamics for change. It presents a summary of the responses received to the paper in writing as well as during several public and private events.
The future of corporate reporting is a subject worth pursuing further. There is also an ongoing role for the accounting/ audit profession to play in continuing the debate about future directions.
Accountancy Europe has identified three main topics for further development to move the future of corporate reporting forward:
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elaborate the CORE & MORE concept
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support the coordination and development of non-financial information reporting
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further research the impact and opportunities of technology as a driver and enabler of reporting change
Each of these topics is discussed in more detail in the follow-up paper, complemented by relevant quotes from respondents. These stakeholders included preparers, users, auditors, regulators, academics, and policy makers from across Europe.
Overall, respondents and attendees at the events indicated that:
• although there is a growing audience for corporate reporting, investors are still seen as the primary users of such reporting; Some respondents proposed to provide financial and nonfinancial information to the capital providers through the CORE report, and use the MORE reports to cover information needs of other stakeholders
• financial reporting is not losing absolute relevance: it still has significant confirmatory value, and as such, should be as timely as practicably possible
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