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ICAEW report on corporate reporting and new technologies

  • IFRS - ICAEW Image

Jun 14, 2017

On June 14, 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) released the report "What next for corporate reporting: time to decide?" that argues that it is time for policy makers to take a decision on how best to use IT to satisfy increasing demands for information.

The report makes the following points:

  • Traditional paper-based reporting is still perceived by many as the principal form of communication;
  • There are increasing demands for a range of information to be provided in corporate reports and companies seem willing to provide it; and
  • This leads to fears that the traditional reports are becoming too long (information overload) and therefore less useful.

ICAEW suggests that inclusion of digital and technology specialists in reporting discussions could highlight opportunities for companies to use technology in reporting as part of the solution to this problem, which might consist of presenting additional information outside of the annual report, in a digital format that is user-friendly and easy to access.

ICAEW believes that it would important to address these problems as soon as possible as the demand for more access to information is likely to continue to grow. However, ICAEW also notes that there needs to be further research into the implications of digitalization and that key policy decisions on the issues would need to be taken if real progress is to be made in advancing the quality of corporate reporting.

Review the full report on the ICAEW's website.

Also, read our series on the future of corporate reporting:

 

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