RegulationAccounting StandardsGroup formed to overhaul financial reporting

Group formed to overhaul financial reporting

Major project to overhaul financial reporting is underway

Sir David Tweedie, IASB

A project to overhaul company reporting has been launched by a high level
group of accountants, businesses, regulators and market participants.

The International
Integrated Reporting Committee
will look at the wider concerns
about financial reporting, in terms of addressing risk, and presenting a clearer
and broader picture of companies’ performance, including governance and
environmental issues.

Some of the worlds largest companies are participating, as well as the Big
Four accountancy firms, not-for-profit groups including the Global Reporting
Initiative and Accounting for Sustainability.

The initiative also has the backing of the global standards setters the
IASB
and
FASB.

Sir David Tweedie, chairman of the IASB, said: “The case for globally
consistent financial reporting standards is well understood and accepted. It is
appropriate to apply the same global approach to other aspects of corporate
reporting. This initiative represents an important step on that journey.”

The steering committee is chaired by Sir Michael Peat, principal private
secretary to the Prince of Wales, with professor Mervyn King as chairman.

The working group is co-chaired by Paul Druckman, Accounting for
Sustainability executive board chairman, and Ian Ball, CEO, IFAC.

Further reading:

Profession
must lead the way on climate change

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