There have been a number of reporting initiatives in the wake of the global financial crisis aimed at finessing existing areas of financial reporting.
There is no doubt the quality of financial information is essential for effective investor decision-making, but a broader debate is required. It’s time to step back from the detail and ask whether the current balance and focus of reporting is right for capital markets’ needs.
Mark Vaessen, KPMG's Global Head of IFRS, tested the premise the need for fundamental reforms to reporting by interviewing 10 international leaders in "The future of corporate reporting: towards a common vision (2013)". All agreed on the need for change, but did not concur on how far-reaching the reforms had to be or what should be altered.
This survey has been undertaken to provide a basis to support this debate, to invite comparison from where reporting stands now, against what it needs to deliver in order to support the efficient functioning of the capital markets.