ThinkTWENTY20

  • HOME
  • ERIC'S BLOG
  • FORUM
      • Hey! What's New?
  • ABOUT US
  • CONTACT US
  • REGISTER
      • ThoughtLeader Gateway

A Vision for the Future of Corporate Reporting (Part 1):Comments due February 5

on 27 October 2020

The UK Financial Reporting Council (FRC*) has published a thought-leadership piece, A matter of principles: The Future of Corporate Reporting (1). The 36-page discussion paper, with comments requested by February 5, 2021, “explores ideas for changes to the system of corporate reporting with a view to making it more effective and engaging for all those with an interest in a company.”

I encourage all who are part of one of my networks to give a read and provide feedback. It touches on many of the topics we have touched upon, including materiality beyond the traditional financial statement, a holistic view of reporting including Sustainability, XBRL and much more.

I hope to use the blog to socialize some of my own thoughts in developing comments in response to the FRC’s request. As we in the XBRL world look back 20 years to our vision on where XBRL would take us, it is interesting to see how reality compares, both favorably and with some disappointments, to our ideas of the time.

* The FRC regulates auditors, accountants and actuaries, and we set the UK’s Corporate Governance and Stewardship Codes in order to promote transparency and integrity in business. 

(1) https://www.frc.org.uk/getattachment/cf85af97-4bd2-4780-a1ec-dc03b6b91fbf/Future-of-Corporate-Reporting-FINAL.pdf

Leave a comment

    Comments

    • No comments found
    Powered by Komento
    Forum Recent Posts
    Top Technology Trends for 2023
    Tuesday, 10 January 2023

    It’s the time of year when predictions are being made for the top technology trends for the new year – 2023. We have assembled a number of them for this article.

    They show considerable diversity, in part because of the differing perspectives of the organizations making the predictions. However, there is also some unanimity. Some ideas stand out.

    Passage of the Financial Data Transparency Act
    Friday, 30 December 2022

    In December 2022, a watershed moment took place for regulatory filings and, indeed, financial reporting when the US Senate passed the Financial Data Transparency Act (FDTA).

    The act was passed by the House of Representatives in November 2021. It calls for the eight major US financial regulatory agencies to adopt and apply data standards which render their data fully machine-readable and searchable – meaning, as a practical matter, to adopt XBRL. This act will result in enhanced transparency, comparability, and usability of the data collected by the regulators.

    ThinkTWENTY20 © 2023. Privacy Policy
    Login

    username / password