FRC's Financial Reporting Lab publishes framework for future digital reporting

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02 May, 2017

The Financial Reporting Council's (FRC's) Financial Reporting Lab has released a report setting out a framework for future digital reporting. The report expresses the views of a wide range of preparers, investors and others on the characteristics that they would like to see in any future (digitally enabled) system of corporate reporting.

The report, Digital Future - A framework for future digital reporting, is the first in a series of outputs on the 'Digital Future' and takes forward the core findings contained within the Lab's May 2015 report, Digital Present

The report identifies three stages of reporting: production, distribution, and consumption. For each of the stages characteristics of future digital reporting are then identified and explained.  The report indicates that if future digital reporting is to be successful it would meet the following characteristics for each of the three stages of reporting:

  • Production - cost-efficient, easy, compatible and timely.
  • Distribution - free, prompt, compliant, and accessible.
  • Consumption - contextual, usable, credible, and engaging.

In the next phase of the project, the Lab will assess the extent to which technologies such as virtual reality, augmented reality, blockchain, XBRL, video, and other digital media fit the framework.

Please click to download the press release and publication from the FRC's website.

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