Blog

6 September 2017

What is the future of corporate reporting? by Hilde Blomme and Ben Renier

People want to know more about how companies operate

Indeed, the public demands more information from businesses. In the past, companies made primarily use of financial reporting to communicate on their position and performance to stakeholders. Now they acknowledge the need to communicate to the wider public, including also the non-financial information angle like environmental, social, governance, and other operational matters.

With this paradigm shift on how and for whom to report, the objective of the corporate reporting itself is being questioned.

We are far from finding a consensus on which direction reporting should take. However, we think corporate reporting is about both financial and non-financial information because it addresses better the changing reporting landscape and responds to the growing public’s demand.

To move forward in looking for answers, we took the lead in the debate on the future of corporate reporting at the European level. Since 2015, we published a discussion paper and a follow-up on the matter and introduced a conceptual 2-pillar reporting concept, CORE & MORE.

What is CORE & MORE?

The CORE & MORE concept introduces an innovative way of presenting and linking information reported on. The CORE report is a reader-friendly report on the essential financial and non-financial information. From there, stakeholders can drill down to the MORE reports into the details they want.

This concept could bring all relevant corporate information of the respective entity together in one hub, with technology being a key enabler. It would replace today’s standalone reports which lack an overarching summary and structure.

Our concept is consistent with Integrated Reporting <IR>. With this project, we aim to be a constructive partner to the IIRC. We see <IR> as the most developed and promising initiative to make corporate reporting more relevant and coherent. <IR> and CORE & MORE recommend reporting on the value creation drivers of the organisation. Both look beyond financial performance aiming towards longer term sustainability of businesses.

CORE & MORE is a presentation concept and does not determine the content of corporate reporting. The specific content of CORE & MORE would depend on the company’s assessment of stakeholders’ information needs, based on fundamental principles such as materiality and relevance.

Together with the CORE & MORE concept, we are also analysing topics such as policy making, innovation, and technology.

To better understand what this presentation concept is, join us on 18 September for our event in Brussels to discuss our upcoming dedicated publication explaining in-depth the CORE & MORE.

CORE & MORE is our answer to the main question of this blog ‘what is the future of corporate reporting?’. What is yours?

Related content

BlogHow can accountants do things differently?

19 March 2018

PublicationCore & More: An opportunity for smarter corporate reporting

18 September 2017

EventShaping the future of corporate reporting

11 May 2017

PublicationPursuing the conversation on the Future of Corporate Reporting

22 March 2017

PublicationThe Future of Corporate Reporting

12 October 2015

EventPost-Election Debate

17 May 2019

NewsWhy should I care about accountants?

2 May 2019

Blog7 ways accountants can help companies get more sustainable

24 April 2019

UpdateSustainable Finance

19 April 2019

InterviewDigitalisation: auditing more than financial data

16 April 2019

EventThe Prince’s A4S workshop on implementing the TCFD recommendations

9 April 2019

Update SME

8 April 2019

UpdateTechnology

29 March 2019

PublicationThe Business Insolvency Directive

28 March 2019

InterviewBecoming multi-skilled professionals to address an avalanche of new data

25 March 2019

Consultation responseEC’s consultation on the update of the non-binding guidelines on non-financial reporting

22 March 2019

UpdateSustainable Finance

19 March 2019

Consultation responseGRI’s exposure draft on Tax and Payments to Governments

12 March 2019

Consultation responseOECD’s public consultation on the Tax Challenges of the Digitalisation of the Economy

7 March 2019

InterviewAuditors, bitcoin and the need for mutual trust

25 February 2019

BlogRadical change to fight our environmental crisis

22 February 2019

Consultation responseEIOPA’S Solvency II reporting and disclosure review 2020

20 February 2019

PublicationEuropean single electronic format (ESEF)

18 February 2019

EventCorporate Governance as the Enabler of Sustainable Growth

15 February 2019

UpdateTechnology

11 February 2019

Sign up for our newsletter