Press release

12 October 2015

FEE calls for innovation in corporate reporting

 

FOR IMMEDIATE RELEASE

Brussels, 12 October 2015

Corporate reporting is an essential element of companies’ accountability. It is how they communicate on their position and performance to stakeholders. The new FEE Cogito Paper: The Future of Corporate Reporting – creating the dynamics for change puts forward ideas for corporate reporting to evolve in a way that will keep pace with the developing economic reality and address the needs of a wider stakeholder audience.

This process of communication and accountability has consequences for a broad range of stakeholders. The ideas presented in this paper should thus be of interest to politicians and policy makers, (accounting) standard setters, regulators, enforcers, companies and their stakeholders, including investors, and of course the accountancy profession that FEE represents. We encourage all stakeholders to discuss the paper and provide FEE with comments by 30 June 2016.

“The momentum to change corporate reporting is obvious from the increasing public debate, the growing demand for non-financial reporting, and companies experimenting to improve their reports. Technology plays an important role in this evolution, both as a driver and an enabler for change,” says Petr Kriz, FEE President. FEE finds that more flexibility can make corporate information more relevant, timely and less of an overload. FEE also thinks that the different standard setters working on non-financial information reporting should cooperate to resolve the patchwork of guidance that this is subject to.

In this paper FEE presents a new approach to corporate reporting, whereby a company produces an executive summary of its corporate affairs, supported by more detailed information: the CORE & MORE. The content would depend on the company’s assessment of its stakeholders’ information needs. The paper also presents a way to keep  the CORE & MORE reports timely and relevant by updating elements without affecting the other parts.

“Support from policy makers, standard setters, and auditors is a prerequisite to change corporate reporting,” Olivier Boutellis-Taft, FEE CEO, added. “They need to allow room to innovate and experiment in corporate reporting.”

FEE contact:

Pantelis Pavlou

E-mail: pantelis.pavlou@fee.be

Tel: + 32 2 893 33 74

About FEE
FEE (Federation of European Accountants) is an international non-profit organisation based in Brussels that represents 47 institutes of professional accountants and auditors from 36 European countries, including all of the 28 EU member states. FEE has a combined membership of more than 800,000 professional accountants, working in different capacities in public practice, small and large accountancy firms, businesses of all sizes, government and education – all of whom contribute to a more efficient, transparent and sustainable European economy.


For more information:

E-mail: News@fee.be

Tel: + 32 2 893 33 60

 

Related content

UpdateTechnology

25 July 2017

Consultation responseEU Company law upgrade on rules on digital solutions and cross-border operations

18 July 2017

PublicationKeeping the audit profession attractive

18 July 2017

Press releaseUpcoming project on NFI Directive in collaboration with GRI and CSR Europe

3 July 2017

UpdateTechnology

26 June 2017

UpdateSME Highlights

25 June 2017

In the mediaAccountancy Europe CEO in Finnish national TV debate on tax

22 June 2017

Press ReleaseAccountancy Europe presents concrete steps to improve SMEs’ access to capital markets under CMU

8 June 2017

Consultation responseEuropean Commission on the operations of the European Supervisory Authorities

17 May 2017

Consultation responseEuropean Commission on FinTech

17 May 2017

EventDisclose what truly matters

10 May 2017

In the mediaAccountancy Europe CEO invited at the European Parliament’s ECON Committee hearing

4 May 2017

BlogAccountancy Europe Digital Day – looking ahead

2 May 2017

PublicationAccountancy Europe Technology Barometer

24 April 2017

In the mediaAccountancy Europe’s Digital Day foresees a challenging but bright tomorrow

21 April 2017

UpdateTechnology

5 April 2017

UpdateTechnology

14 March 2017

EventMaking whistleblowing work for everyone

13 March 2017

In the mediaAccountancy Europe CEO invited at the European Parliament’s PANA Committee hearing

6 March 2017

In the mediaInterview with our CEO and Senior Manager on the Future of the Profession and Rebranding

15 February 2017

Sign up for our newsletter