The Future of Corporate Reporting London 16 May 2016 Mark Vaessen Chair FEE Corporate Reporting Policy Group 1 FEE fostering the debate 2 Growing audience Content financial and nonfinancial reporting ID: 763009
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The Future of Corporate ReportingLondon, 16 May 2016Mark VaessenChair FEE Corporate Reporting Policy Group 1
FEE fostering the debate 2 Growing audience Content: financial and non-financial reporting Core & More Approach to policy making and innovation TECHNOLOGY as driver and enabler of change
Financial statements (FS) losing “market share" Decision-making information Other sources Financial statements 1950 Year 2016 Structured Unstructured 3
Growing audienceAccountability to a wider group of stakeholdersMultiple reports not sustainable Two way communication 4 Growing access Growing interest Technology Technology Growing audience
Corporate information More timely and less voluminous Driven by relevance, not compliance Key for a complete picture Move towards global principles-based reporting framework 5 Financial Non-financial Connected Think screen, not paper/PDF
CORE & MORE One CORE (summary) report MORE reports Financial, notes, ESG, country-by country, tax transparency, etc.Can be accessed via drilling down vertically and horizontallyTechnology is key!Update dynamic/periodic/adhoc elements 6
Future of Corporate Reporting andNeed for debate and experimentation Is there agreement on the issues to be solved? If yes, who should own the agenda? <IR> is the most developed and promising initiative<IR> could become the CORE report FEE wants to be a constructive, but critical partner with<IR> 7
Policy making and innovationRemove barriers to innovation Allow parallel experimental reportingSee compliance as a means to an end – added valueCoordinate stakeholders, policy-makers and standard setters 8
Join the debate Discussion paper http://bit.ly/15futurecorprep FEE welcomes responses by 30 June 2016For updates, follow #FutureCorporateReporting Join our LinkedIn group https://www.linkedin.com/groups/8417453 9
Stay connected 10 Connect with European Professional Accountants FEE website Monthly e-newsletter @ FEE_Brussels @ FEE_SMP