The current corporate reporting framework was largely established during the Industrial Revolution and in particular as a result of the need for capital to finance the spectacular growth in the railways. Subsequent changes to the reporting framework have been largely appended rather than integrated into a system that is now increasingly stressed and reliant on information provided outside of the mainstream report.

Following England’s tense victory over Slovenia in the World Cup this week which I watched with fellow CIMA staff in the Council Chamber, I attended a Tomorrow’s Corporate Reporting project meeting with colleagues from Tomorrow’s Company and PriceWaterhouseCoopers. The meeting was significantly more relaxed but nonetheless successful.

 

What’s this project all about? Well it was featured on June 24 in the prestigious Accountancy column in the London Financial Times which is great news. For a number of years CIMA, along with others, have been striving to promote good practice in corporate reporting especially in relation to narrative reporting of strategy, business models, incentive alignment, corporate governance and risk.