Companies to call for reporting model reform

News Article - 23 May 2012
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The big four accountancy firms along with some smaller companies are to present a joint paper which details the reform of financial reporting models, it has been said.

Chiefs at KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young want to modernise how financial reporting and its results are announced by introducing internet-based, real-time reporting, the Financial Times reports.

According to the publication, part of a statement from the joint paper reads: "Current systems of reporting and auditing company information will need to change towards the public release of more non-financial information customised to the user, and accessed far more frequently than is currently done."

The company bosses note how modern technology has advanced, meaning that the current reporting model – which is around a century old – is no longer suitable.

Proposals for a revised model follow calls in September by the chief executive of the Institute of Chartered Accountants in England and Wales for the clearer signposting of sources of finance for businesses.

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