Small company reporting needs to improve | AccountingWEB

Small company reporting needs to improve | AccountingWEB

Is Climate a Material Risk? Here’s What Companies Are Really Reporting

How many companies think climate change will have a material impact on their business? Not too many, apparently. Roughly half of the 3,000 biggest publicly traded companies in the U.S. say mum’s the word, reporting zilch in their annual filings to U.S. regulators.

A new online tool makes it easy to find which companies are disclosing climate-change risks -- both the direct impacts to the environment and indirect risks from tougher curbs on pollution. The tool, created by investment-advisory group Ceres and CookESG Research, scours SEC filings of the biggest American companies, included in the Russell 3000 index.

See full Article: http://www.bloomberg.com/news/2014-06-30/is-climate-a-material-risk-here-s-what-companies-are-really-reporting.html

FASB issues guidance on financial statement presentation of unrecognized tax benefit [feedly]

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The Quarter Close - Directors edition: A look at this quarter's financial reporting issues

This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

The Q3 2012 edition focuses on the SEC's IFRS Work Plan, an update on Dodd-Frank rulemaking, and progress on FASB projects.

See full Details: http://www.pwc.com/us/en/corporate-governance/publications/the-quarter-close-directors-edition.jhtml

Sustainability reporting and programmes (webinar 5)

FRC issues an update responding to country and currency risk in financial reporting

The UK Financial Reporting Council (FRC) has issued An Update to Directors of Listed Companies: Responding to increased country and currency risk in financial reports. The Update was issued due the current economic uncertainties in numerous countries. The Update aims to provide issues to UK listed companies that may occur when responding to the increasing country and currency risk when filing their annual and semi-annual financial reports. The Update notes the following:

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Global CSR reporting 'is falling below standards'

Standards of thoroughness and accuracy in global corporate social responsibility (CSR) reporting are falling outside acceptable parameters, according to a report.

Data collated by Leeds University from more than 4,000 CSR reports and surveys have found that too many companies are still putting out materials that feature inaccurate data, unsubstantiated claims and key omissions.

See full Article.

Compliance mindset suppresses effective communication

I thought you would be interested in the article below that appeared in last week’s Accountancy Age. PwC’s recently launched snapshot of the FTSE 350 reporting practices here in the UK; is referenced throughout the article. I would encourage you to read this snapshot of the survey findings, which doesn’t make pleasant reading. We recognise that reporting is not made easy by the regulatory demands imposed on all companies today, but sadly too many reports display the dead hands of compliance and the editorial committee. While a few companies have cut through the historic clutter and the short-term financials to create a strategic picture of the business that is informative and convincing, they are the minority.

See full Article.

PwC critical of corporate reporting

Further to my recent blog posting highlighting a new reporting thought piece entitled - "Integrated reporting - What does your reporting say about you?". I thought you maybe interested in yesterday's article in Accountancy Magazine entitled "PwC critical of corporate reporting - Report says poor information poses business risk".

See full Article.

11 reporting tips - simple actions to make corporate reporting more accessible and effective

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Corporate reporting - From compliance to competitive edge

It's hard to keep up with all that's happening in the world of corporate reporting. Last week I had the pleasure of attending the IIRC's pilot kick off meeting in Rotterdam. It was a great two days with a real sense of purpose and real engagement from all the pilot companies who attended from around the world. Interestingly there was a clear ambition from all to use the pilot programme to change not only the way they report externally, but just as importantly to influence the mindset and business practices within their organisations. Put simply, integrated reporting starts with an integrated mindset.

Here in London there is also a growing momentum for change. Ed Davey at the Department for Business Innovation and Skills (BIS) is leading a consultation to rethink the structure of annual reports. The paper entitled 'The future of narrative reporting' aims to sharpen the reporting model and make key information easier for investors to find. Central to the proposals is the idea to re-structure the annual report, to focus it on two elements: the strategy report and the directors’ disclosure report.

See full Article.

World Watch: Issue 2, 2011

Need to know what’s on the minds of regulators, standard setters, business leaders and others as they set the course for improved governance, reporting and assurance? The latest edition shares PwC views on today’s hot topics and keeps you up-to-date with new developments from around the world.

Corporate reporting
Articles in this section include A critical system at risk, which discusses the shortcomings of the current reporting model and why now is the time to take action to ensure it doesn’t fail. In Better merger and acquisition disclosures, please, investors also tell us that they want.
Additional corporate reporting articles include:

See full Press Release.

Tomorrow’s corporate reporting

Back in my May posting I referred to the launch of a report entitled Tomorrow's Corporate Reporting - A critical system at risk. This report by PwC, Tomorrow's Company and CIMA is intended as a catalyst for a progressive debate about the future of the reporting system and how change can meet the needs of business and society in the twenty-first century.

I thought you would be interested in the attached videos of the launch. Presentations on the findings of the report are by myself and Pat Cleverly, director of research, strategy and policy at Tomorrow’s Company.

See full Article.

Corporate reporting is no longer working – What needs to be done to make it fit for purpose in the future?

As I referred to in my blog posting last week PricewaterhouseCoopers, The Chartered Institute of Management Accountants and Tomorrow's Company have come together to conduct a global inquiry into what changes are needed to make corporate reporting "fit for purpose". The Call for Evidence was launched yesterday and I have pleasure in attaching the official request below.

Corporate reporting is no longer working – What needs to be done to make it fit for purpose in the future?

See full Article.

A critical system at risk

Last week was the launch in London of a report entitled "Tomorrow’s Corporate Reporting - A critical system at risk". This report is the result of nine months of joint research by PwC with Tomorrow's Company and CIMA. I've attached a short speech that I made at the launch event, which sets out the findings of the study, and the report itself, which, importantly, provides a roadmap for moving the reporting agenda forward.

The 41st floor of HSBC's Canary Wharf HQ with its panoramic views of London's financial hub couldn't have been more appropriate for the launch of these ideas. Not least because it is this very sense of perspective - seeing the whole system with all its connected parts - that is sadly lacking in the way we deal with today's corporate reporting system.

See full Article.

The limits of sustainability reporting

Last year, the oil and gas industry's associations IPIECA and OGP launched the revision of their sustainability reporting guidance for companies in their sector. For me, it highlighted how the most important and interesting stories are hard to capture in any kind of reporting framework.

There is no sector that is going to be subject to massive pressure and forces for change quite like the oil sector.

The recent return of high oil prices – back to the levels that created the shockwaves in the US that did for brands like Hummer – have begun to focus minds once again. Airlines are seeing profits disappear due to those rising costs. And the non–fossil fuel alternative visions have been thrown into confusion by the backlash following the crisis at the Fukushima nuclear plant.

See full Article.

Five Stages of Financial Reporting Evolution

Recent and proposed changes in financial and regulatory reporting (FRR) requirements are placing great strains on the resources of CFOs and finance organizations at insurers. As a result, CFOs need to rethink how they assess and communicate the performance of their insurance businesses, and develop systems and processes that can generate timely, secure and auditable information.

But before they can tackle any changes, CFOs need to have a clear understanding of the capabilities of their own financial and regulatory reporting function, including technical capabilities, the robustness of controls and governance, the aptitude to perform key analyses, forecasting and budgeting capacity, and the link between financials and strategic decision making.

See full Press Release.

Systemic risk - the here and now versus the future

In reading the press over the last few days, I'm reminded again of the critical interdependencies that underpin our daily lives. We've seen the difficulty and the unintended consequences that played out in Germany as officials tried to isolate the reason for an E.coli outbreak in complex supply chains - acting first before all the facts are known is a dangerous and damaging game.

We've also been reminded of the vulnerability of Britain's energy supply at a time when nuclear energy is back under the spot light in many parts of the world. It's little comfort to anyone to know we rank alongside developing economies on energy security.

See full Press Release.

A critical system at risk

Last week was the launch in London of a report entitled "Tomorrow’s Corporate Reporting - A critical system at risk". This report is the result of nine months of joint research by PwC with Tomorrow's Company and CIMA. I've attached a short speech that I made at the launch event, which sets out the findings of the study, and the report itself, which, importantly, provides a roadmap for moving the reporting agenda forward.

The 41st floor of HSBC's Canary Wharf HQ with its panoramic views of London's financial hub couldn't have been more appropriate for the launch of these ideas. Not least because it is this very sense of perspective - seeing the whole system with all its connected parts - that is sadly lacking in the way we deal with today's corporate reporting system.

See full Press Release.

European Commission Green Paper, Audit Policy: Lessons from the Crisis - Ernst & Young point of view

Ernst & Young believes that in the wake of the financial crisis there is an opportunity to take a fresh look at whether auditors could do more to contribute to investor confidence and enhance financial stability. We therefore welcome the recent European Commission (EC) Green Paper on audit policy, and encourage the EC to make audit quality the benchmark against which any future proposals are assessed. Context

On 13 October 2010, the EC released its Green Paper, Audit Policy: Lessons from the Crisis. The Green Paper raises many questions about the role of the auditor, the structure and regulation of the audit profession, and other core elements of the audit process. A Green Paper is an early stage in the European legislative process and is essentially a request for consultation on possible proposals. Ernst & Young submitted a comment letter on the Green Paper on 8 December 20101.

See full Response, in pdf format.