ThinkTWENTY20

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