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The aim of this guidance is to establish a benchmark for good practice in implementing effective business-reporting processes in an organisation. The guidance will help professional accountants in business and their organisations create a cycle of continuous improvement for their business reporting processes, to assist stakeholders in making informed decisions about the organisation.
“High-quality business reports are crucial for strong capital markets and sustainable economic growth”, said Roger Tabor, chair of the PAIB Committee. “And producing high-quality business reports requires organisations to have effective business reporting processes in place.”
With this guidance, the PAIB Committee aims to provide principles-based guidance that supports professional accountants in business by helping them apply good practices. This guidance is directed at all organisations wishing to enhance their reporting processes—no matter their size or structure, or whether they are private or public.
“This guidance will help professional accountants in business and their organisations ensure that they implement the most effective reporting processes”, said Karyn Brooks, chair of the PAIB Committee’s Business Reporting Task Force. “Implementing these processes will enable them to provide stakeholders—both internal and external—with high-quality financial and non-financial information.”