By Samuel A. DiPiazza
Company reporting in a post-apocalypse international marketplace
sincerely, now's the time for growing an efficient business-reporting version acceptable for the markets of the twenty-first century. instead of begin from scratch after the Enron-Andersen fiasco, top experts from PricewaterhouseCoopers current a plan that supplementations the present version, one during which executives, accountants, analysts, traders, regulators, and different stakeholders can really embody the spirit of transparency. the way forward for company Reporting highlights the simplest practices for worldwide monetary reporting, explaining the concept that of "performance auditing," which specializes in the true functionality of the enterprise in place 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 might increase markets and profit shareholders.
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Extra info for Building Public Trust: The Future of Corporate Reporting
Even with today’s electronic technology, most content is still reported in formats that are very little more than electronic versions of paper, for example, the pdf format for annual reports found on Web sites. 3). XBRL will play an essential role in achieving the corporate transparency embodied in the Three-Tier Model because of its ability to “tag” any individual piece of information with a precise contextual description. Such self-describing information will greatly facilitate the access and use of information by investors, while at the same time enhancing their ability to validate the reported information in accordance with prescribed standards, such as Global GAAP at Tier One and industry-based standards at Tier Two.
The same is true for information reported to investors and other stakeholders. Traditionally, accounting standards have focused on the content of the information that companies should provide to the public. In adopting the Three-Tier Model and reporting on more information, much of it new or very different, equal attention should be paid to the format in which this content is communicated and subsequently consumed by investors, analysts, and other stakeholders. Not long ago, the format for information was not really subject to choice; it was paper or nothing at all.
XBRL depends on having reporting standards in place. The relevance and reliability of information tagged in XBRL will be no better than the standards used to create the information in the first place. The content that results from principles-based standards and the use of an XBRLenabled format are two sides of the same coin. Both are essential to the future of corporate reporting. Notes 1. PricewaterhouseCoopers research refers to the aggregate results from 14 independent country surveys conducted by PricewaterhouseCoopers in 1997 and 1998.