By Samuel A. DiPiazza
Company reporting in a post-apocalypse worldwide marketplace
basically, now could be the time for developing an efficient business-reporting version acceptable for the markets of the twenty-first century. instead of begin from scratch after the Enron-Andersen fiasco, major specialists from PricewaterhouseCoopers current a plan that vitamins the present version, one within which executives, accountants, analysts, traders, regulators, and different stakeholders can actually include the spirit of transparency. the way forward for company Reporting highlights the easiest practices for international monetary reporting, explaining the idea that of "performance auditing," which makes a speciality of the true functionality of the company instead of technical adherence to GAAS. Eccles and Masterson additionally talk about the professionals and cons of GAAP v. IAS, current new ways to reforming monetary reporting, and description a twenty-first-century version of accounting that would enhance markets and profit shareholders.
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Extra info for Building Public Trust: The Future of Corporate Reporting
When value creation is real, the size and liquidity of the markets are more likely to increase on a sustained basis and result in more wealth not only for shareholders, but also for society as a whole. Movement toward greater transparency Many companies in the marketplace have been dedicated for many years to a spirit of transparency and openness. This book offers more than a few examples. For instance, some companies are providing better segment information or working to make financial statements easier to understand.
In some cases, an industry association could contribute significantly to this audit, for example, by producing information assured by an independent third party, on market size and market share for use by all companies within the sector. Tier-Two audits would not be identical to those at Tier One, however, because at least initially the standards would not be expressed in an integrated framework like Global GAAP. 26 building public trust As at Tier Two, assurance on Tier-Three information would at first be voluntary.
A new model for corporate transparency Despite the many ongoing efforts to improve how the markets function, each group involved has its own goals and its own rather narrow view of what will make things better. The market requires a larger organizing framework that will focus all of these efforts on the overarching goal of ensuring that investors and other stakeholders get the information they need to make appropriate decisions. 2 offers such a framework. The Three-Tier Model of Corporate Transparency is one alternative for a new vision of the future of corporate reporting.
Building Public Trust: The Future of Corporate Reporting by Samuel A. DiPiazza