By Samuel A. DiPiazza
Company reporting in a post-apocalypse worldwide marketplace
sincerely, now could be the time for developing a good business-reporting version acceptable for the markets of the twenty-first century. instead of begin from scratch after the Enron-Andersen fiasco, top specialists from PricewaterhouseCoopers current a plan that supplementations 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 simplest practices for worldwide monetary reporting, explaining the idea that of "performance auditing," which specializes in the genuine functionality of the enterprise rather than technical adherence to GAAS. Eccles and Masterson additionally talk about the professionals and cons of GAAP v. IAS, current new techniques to reforming monetary reporting, and description a twenty-first-century version of accounting that might enhance markets and gain shareholders.
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Extra info for Building Public Trust: The Future of Corporate Reporting
The quality of these standards varies widely from country to country, as does how well they are applied by companies and eventually audited by independent accountants. Even the best country-GAAP standards have come under criticism since they are all based for the most part on an historical cost model. Today’s more complex business environment challenges the relevance of historical cost information and is putting strain on this model. The capital markets focus on value and, as discussed later, value can be substantially different from historical cost.
Investors risk their hard-earned capital in the markets in great measure based on information they receive from their target companies. They need reliable information on a timely basis. They want it in language they can understand, and they should receive it in formats they can easily use for analysis. When the information comes from companies, investors need confidence that it is complete, accurate, and trustworthy. Management, an independent board of directors, and independent auditing firms—supported by accounting standard setters and market regulators—have specific yet interrelated responsibilities for ensuring the highest quality information possible.
Other terms used to describe participants in the supply chain deserve some clarification. • Independent auditors, called both auditing firms and accounting firms in this book, refers to the firms that provide independent audit opinions on the majority of the financial statements issued by publicly listed companies worldwide. • Information distributors refers to data vendors that consolidate reported information and provide it for others to use. This group also includes news media, Web sites, and other communications media that provide commentary on or otherwise pass along information from or about companies.