None of these models, whatever their merits, has so far succeeded in commanding general support. At present, they provide a collection of interesting and challenging ideas, many of which seem to have little prospect of widespread implementation....

Some may feel that more wide-ranging reforms should take second place for the foreseeable future to such pressing concerns as the improvement and implementation of IFRS. But the criticisms of business reporting referred to in this report did not suddenly appear at the height of the bull market and they will not disappear as and when companies are using a common set of international accounting standards. When these issues have been dealt with, the fundamental questions that the reformers raise will still need to be addressed. Indeed, unless they are addressed it might not be possible to restore or maintain confidence in business reporting.