The content of the G4 Guidelines may, at first glance, appear not to be a radical departure from the previous Guidelines (G3), but will in fact have a significant impact on the corporate reporting process. Companies can now begin to transition from the G3 to G4 over a two year period and reports produced after 31st December 2015 will need to follow G4.
KPMG International’s briefing paper highlights the five most significant changes in G4:
- Materiality takes center stage
- Reporting boundaries redefined
- ‘In Accordance’ levels replace A, B, C
- New governance disclosure requirements
- New supply chain requirements
The paper discusses how the content of G4 varies from G3 and the potential impact on organizations’ reporting process and content.