Russia

Details

  • Service: Audit, Corporate Governance, Sustainability
  • Type: Press release
  • Date: 6/7/2013

The future of corporate reporting: the road to modernisation 

In light of the changing demands on corporate reporting, business leaders need to address an important question: what direction does reporting need to take? KPMG has published a new report which brings together a range of Western business leaders discussing the direction that reporting needs to take.

The report – The future of corporate reporting: towards a common vision – contains the views of influential figures from key different vantage points in the financial chain – preparers, users, standard-setters, regulators and auditors – on the changes required to the traditional corporate reporting model, which no longer meets the needs of investors and other stakeholders.


The report interviewees include senior executives from companies such as Standard & Poor's, HSBC and SAP, as well as leading figures from the International Integrated Reporting Council (IIRC), International Accounting Standards Board (IASB), Financial Reporting Council (FRC) and other organisations.


Common themes in the interviews include:

  • the need to make corporate reports more forward-looking;
  • how to achieve a balance between too much information and too little;
  • whether the notion of "integrated reporting" could be the "next big thing"; and
  • the role of auditors in the new corporate reporting model.

According to Igor Korotetskiy, Head of Corporate Governance and Sustainability at KPMG in Russia: "The development history of Russian corporate reporting shows that international requirements are adopted sooner or later, and that it is important to be prepared for future change. This applies particularly to Russian companies that are oriented towards foreign markets. Without doubt, the Russian corporate reporting model also needs to change. For this reason, the observations and opinions of international experts may be useful in terms of establishing a development framework for a Russian corporate reporting model."


The full report, in Russian and English, is available at kpmg.ru. For more information on issues relating to the development of corporate reporting, see KPMG's Better Business Reporting portal.

The future of corporate reporting: towards a common vision

The future of corporate reporting
As the global economy continues to reform its financial system, one crucial element of reconstruction is being ignored. The corporate reporting model in its current form does not meet the needs of investors – and it’s becoming increasingly difficult for the model to meet the requirements of preparers, auditors, regulators and standard-setters. Now is the time to begin a wide-ranging debate about what is wrong with the current model and how to change it.

About KPMG in Russia and CIS

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries with more than 155,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

KPMG has been operating in Russia more than twenty years. For the last years KPMG in Russia and the CIS has been one of the fastest growing practices in KPMG worldwide.

 

In the CIS, KPMG now has offices in Moscow, St. Petersburg, Yekaterinburg, Kazan, Nizhny Novgorod, Novosibirsk, Rostov-on-Don, Krasnoyarsk, Perm, Almaty, Astana, Atyrau, Bishkek, Kiev, Donetsk, Lviv, Yerevan, Tbilisi and Baku, employing together over 3,800 people.

Media contacts

For any media enquiries or interview requests contact our media team at PR@kpmg.ru or Sabina Kasparova, Manager, PR & Communications, KPMG in Russia and the CIS, at +7 (495) 937 4477 (ext 14264), +7 (968) 6911037 or sabinakasparova@kpmg.ru.
 
Share

Better Business Reporting

Feature image
KPMG portal on corporate reporting contains information useful for anyone interested in improving the quality of corporate reporting.